Direct Event Insurance Case Studies
Event Cancellation / Non-Appearance:
In 2010, an event planner of a Houston based summer concert series was concerned with the potential loss of revenue if one or more concerts could not take place. Direct Event Insurance placed a Non-Appearance and Event Cancellation policy with a benefit of $1,000,000.00, an amount equal to projected gross revenue of each individual concert. By incorporating Direct Event Insurance’s event cancellation protection, if a concert is cancelled, for reasons beyond the event planners control, including the inability of one of the participating musicians to appear, the summer concert series is able to collect lost sponsorship fees and revenue.
During the 2009 festival season, a major festival in the northeast, transferred their risk of having their festival rained out by incorporating Direct Event’s weather insurance. With this protection, they chose rain accumulation which covered the festival for an agreed upon amount if it rained more than ½ inch during the agreed upon coverage hours.? During the event, the rain accumulation exceeded the policy threshold and the client received a claim payment of $25,000 to offset the cost of having their festival rained out.
In 2008, a major US retailer protected their irrecoverable expenses associated with filming a TV commercial by purchasing a Direct Event weather insurance policy. With this protection, if rain made filming impossible the irrecoverable expenses for rentals, staffing, talent, etc were covered under this policy. Fortunately for the client, the weather held up and the filming took place as planned.
Special Event Insurance:
In 2009, a regional music festival in the southeastern United States protected their interest by obtaining a Direct Event liability insurance policy. With this protection, the music festival was protected against damages for bodily injury or property damage to third parties. Fortunately for the client, no accidents occurred but having the policy in place provided peace of mind and allowed the event sponsor the freedom from worry to enjoy the festival.
Special Event Insurance:
In 2010, Direct Event insurance provided event liability coverage to a young couple getting married in Texas. With this protection, the couple was covered against damages for bodily injury of guests or property damage to the venue. Unfortunately, a guest slipped during the wedding reception breaking an ankle and ended up suing the young couple. Fortunately for the couple, the special event liability insurance coverage kicked in and defended the couple and ultimately paid a claim to the guest for bodily injury.
In 2010, a west coast food distributor was looking for a way to raise awareness of their product and increase sales at local grocery stores. The distributor contacted Direct Event Insurance and developed a $1,000,000.00 hole-in-one promotion at a major golf tournament in the area. With the prize money and attention, the distributor was able to gain the sponsorship of a large beer distributor to share the cost of the coverage. The promotion increased food sales for the distributor by 20% at the targeted stores and the hole in one contest garnered the attention of the local press, providing the food distributor with increased exposure. While no participant won the hole-in-one, the food distributor was protected and the event was considered a huge success.