Hurricane Florence and its aftermath are still wreaking havoc in the Carolinas, including upending scores of special events. The painful reminder for event planners: the need for event cancellation insurance, notes Billboard:
As Hurricane Florence bears down on the Southeastern U.S., dozens of events, including J. Cole's Dreamville Festival near Raleigh, N.C., have been canceled or postponed to a later date.
Who pays for the lost revenue and costs of events that have to be canceled because of catastrophic weather? If event producers have event cancellation insurance, then typically their insurance provider will cover losses, and in some cases, lost profits if event producers can prove the event was going to make money.
But in order to make a successful claim, it's important the policy was purchased and bound in advance of impending weather, explains Paul Bassman, president and chief executive for Ascend insurance brokerage, which provides insurance for the entertainment industry.
"Once a hurricane or storm has been named, a cancellation policy is going to exclude that storm," explains Bassman. Storms and hurricanes are named by ... Billboard