The event was the COMDEX convention at the Georgia World Congress Center in Atlanta instead. COMDEX, the annual global IT convention, with the latest computers, electronics and gadgets. This was the largest conference in Atlanta held each year. 200,000 people would attend the convention over four days.
Two days before the meeting opened, a Category 3 hurricane hit downtown Atlanta. The twister tore the roof from the Convention Center 100,000 square meters and threw hundredsinto thousands of gallons of rainwater. Local news images showed a large staircase cascades like a waterfall.
COMDEX has been canceled. The financial losses for the event planners fairly boggle the mind .*
What happens if the show can not go? The consequences - especially for a company staking a lot of money on a marketing event or for a group that can gain most of the revenue from an annual conference - dire. A safety net is event-complete insurance,protect your event investment against disasters, strikes, earthquakes and snowstorms.
Event cancellation insurance has been around for decades and has a long history of protecting the special events from conventions, trade shows, exhibitions, entertainment and sports.
The insured may be expenses incurred throughout the year long preparation for an event, but can not make for an unpredictable event, to lead his dismissal. Think of the cost of travel, locationDeposits, debt restructuring costs and other costs, including planning.
Often the kind of problems that lead a postponement, cancellation or relocation of any event beyond the control of the planner. Look to event cancellation insurance for the type of coverage necessary to protect the financial burden.
Whether planners should invest in travel insurance depends on how important an event is an association or company financially and what kind ofRisk it is likely. If your group event for 50 people is planned, you probably would not buy this policy. But if 500 or 5,000 people were expected, was able to cancellation insurance is critical to your bottom line.
Sometimes do not event-planners think about it, event cancellation insurance. They are either unaware that such coverage exists or mistakenly rely on the insurance of the venue ... as a conference hall. The venue is to help insurance companies willRepair or rebuild them. But it will not help the event planners to find another place, or compensation for the costs they incur, or they will lose income from the cancellation.
Coverage and cost
The rule of thumb is that the cancellation insurance risks beyond the control of planners, such as storms, strikes, outbreaks of diseases and so forth concerns. You can also buy coverage for Non-Appearance ", in case your event is based on the appearance of a person or group(Speaker, artist, player, invited guest). The policy covers additional costs for things like trucks and workers in the event of an exhibitor not break his exhibits. What is not insured are lack of planning, low participation in a lack of interest or poor marketing, or bankruptcy of the planner.
Coverage begins when the premium is paid and is usually spread over five days after the event. Coverage purchased long before an event can be a godsend, if anything happens, theInvestment, are posted in you, than cover the cost of relocation and informing visitors would be covered.
The cost of this coverage, calculated based on a policy-by-policy basis. Every event is different and each has a unique risk. The standard cost for this coverage run about fifty cents per $ 100 of coverage. However, variables such as location (areas susceptible to hurricane or earthquake) or season (winter is higher) than in spring, summer or fall can price up to $ 1 per $ 100 in pushreporting. For example, a $ 1 million policy could cost up to $ 10,000 or more.
When To Buy
Event cancellation insurance is purchased generally less expensive, if long in advance. Insurers to increase the premium rate, the theory that the closer the event is, the more desperate must be the planner for the coverage.
We recommend that you get at least two quotes before making a purchasing decision. We recommend that you have a copy of a review of the policy before you buy todetermine what is covered and what is not.
Then have a super successful event!
* This disaster was invented entirely free.
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