Many events can be ruined by adverse weather. Whether you are planning a public event such as a fair or parade, or a private beach-side wedding, you may want to protect yourself against financial loss with weather insurance.
This is a specialty insurance product and it requires a knowledgeable agent. An independent agent in the Trusted Choice® network can help. Your agent can review your needs, help you compare weather insurance quotes from several providers and find the coverage you need. Contact a local member agent for assistance today.
A basic weather insurance policy is designed to protect against a financial loss caused by adverse weather. For example, you may be interested in getting rain insurance for events such as:
Rain is typically the greatest concern for event hosts, but in some circumstances the trigger of coverage could be snow, fog, lightning, hail, wind or some combination of several different severe weather patterns.
Event rain insurance is normally structured to pay a claim if a certain amount of rain falls over a certain period of time. In other words, the rainfall does not necessarily have to be continuous. Or, a rain insurance policy can be structured to pay if rain occurs for a certain number of hours during a defined period, regardless of the actual amount of rainfall.
If you are planning a long term event, say a 30-day fair, you can expect some rain over that period and it would not make economic sense to try to insure against any rain. But it might be wise to purchase rain insurance against an amount of rainfall that exceeds the average for your location and time of year.
There are three methods by which you can monitor weather to establish a claim:
If you are planning an event and have a concern about weather risks, you need to give some thought to how severe an occurrence would need to be to cause you significant loss. Would it take just a brief shower or would it take a sustained rainfall to cause your event to be cancelled or curtailed?
Also, you need to consider the time during which rain would fall that could lead to a loss. For example, rain during the hour before an outdoor concert could have a significant affect on revenue but rain falling during the last hour of the concert may not.
A local independent agent in the Trusted Choice network can help you sort through these issues and concerns. If you regularly put on events, either as an event facility or professional event planner, one of these agents can help with every aspect of your business insurance and commercial liability risks.
Weather insurance for a one-day event will normally cost in the range of 2 percent to 10 percent of the amount being insured. Your specific coverage costs will depend upon the type of event, the weather patterns in your area, the amount of coverage you need and other factors. The insurance company will check the weather records for your location and make a determination as to the likelihood of a loss.
Here are some additional considerations for event planners:
If you are seeking a weather insurance quote, be prepared to supply the following information:
Note that the amount of coverage you are seeking needs to be in line with your reasonably anticipated financial loss. For example, if you are sponsoring an outdoor concert and expect to take in $25,000 of admissions, you will not qualify for $50,000 of coverage.
Also note that you may receive a quote for terms different than you requested due to the concerns of a specific insurance company. This is another reason that it is always important to obtain multiple quotes.
The most common coverage people tend to want if they are putting on a large or expensive event is event rain insurance. However, you can also find other kinds of weather insurance. Here are a few examples:
Situations like these are where the advice of an experienced agent can be invaluable. If you work with a member of the Trusted Choice network you can expect to get the assistance you need to make the most informed choice.
Every weather insurance policy is unique and must be tailored for your particular needs and event. You want coverage that will give you the maximum protection at the most affordable rate.
A local independent agent in the Trusted Choice network can help you review all of your options, compare weather insurance quotes, and find the coverage that is right for your event. Contact a local member agent for assistance today.