Event Cancellation Coverage
The fans are not the only ones disappointed when a sporting, entertainment or celebrity event is unexpectedly canceled. Due to circumstances beyond control, events are cancelled. But the financial obligations of many are not. The promoter of the event has a leased venue; the concessionaire is left wondering what to do with thousands of dollars of perishable food and the vendors have a truckload of apparel and novelties printed especially for the specific event. The fans will get a refund for the purchased tickets. But what happens to the promoter and the vendors? How do they recover the loss?
Event cancellation and/or non-appearance coverage is used to provide coverage for almost every possible reason that would lead to the cancellation of an event. An illness or death of the feature performer, or of a family member of the performer can result in major losses prior to or during a tour. adverse weather could prevent an entertainer from arriving or leaving a certain event location. Earthquakes, tornadoes, hurricanes, Etc., Etc., Etc. may cause a negative impact to the bottom line.
The cost of this coverage is directly proportional to the value and history of the exposure. Other elements may also influence the cost.