Weather Insurance – Rain Insurance

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Coverage has to be in place 15 days prior to scheduled event date.
From: EventInsuranceQuote.com

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Weather Insurance is available as a stand-alone policy for indoor and outdoor events. … Your event does not have to be canceled for the policy to pay, it simply has to rain or snow within your insured time frame, for the amount you insured against. You also do not have to attest how much you lost due to inclement weather.Rain and snow insurance is designed to cover some of the losses resulting from the negative effects of inclement weather. A rain or snow insurance policy will typically require a specified amount of rainfall or snowfall (usually within a certain amount of hours) at or near the venue before policy benefits are owed.

Event Cancellation Insurance - Weather Insurance

What is Weather Insurance?

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: Fairs. Festivals. 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.

Can Weather Insurance Protect You from Loss?

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:

  • Fairs
  • Festivals
  • Parades
  • Weddings
  • Motorsport events
  • Golf tournaments
  • Film production
  • Trade shows
  • Conferences
  • Concerts
  • A seasonal attraction such as a winter carnival

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.

What Does Rain Insurance Cost?

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:

  • Because there is a considerable amount of judgment involved in setting rates for weather insurance, it is wise to get a quote from more than one company.
  • Most insurance companies will require that you purchase coverage for at least 14 days in advance of the event. This means you cannot wait until the day prior to your event, discover that severe storms are forecast for the next day, and hope to buy a policy at the last minute.

How Is Weather Monitored to Establish a Claim?

There are three methods by which you can monitor weather to establish a claim:

  1. If the location of an event is near a national weather station, then data from that station can used.
  2. If there is no national weather station nearby, then you can hire an independent weather observer. This person must apply to and be approved by the insurance company.
  3. If you don’t want to pay an independent weather observer, it is possible to obtain data from the nearest weather command, with the insurance company’s approval. For a flat one-time fee, experts at the weather command will supply data for a specific location.

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.

 

Definitions used in Rain Insurance

1/100 Inch of Rain – 0.01″
A light shower for 2-5 minutes or a drizzle for 2 hours. This would not leave puddles on the ground and would slightly wet the surface.
1/4 Inch of Rain – 0.25″
A light rain for 2-3 hours, moderate rain for 30-60 minutes or heavy rain for 15 minutes. Many puddles on the ground that do not disappear easily.
3/4 Inch of Rain – 0.75″
Heavy rain for 2-4 hours. Deep standing water for long periods of time (a light or moderate rain never reaches this amount).
1/10 Inch of Rain – 0.10″
A light rain for 30-40 minutes, moderate rain for 10 minutes or heavy rain for 5 minutes. Small puddles would form but usually disappear after a short while.
1/2 Inch of Rain – 0.50″
Moderate rain for 1-2 hours or heavy rain for 30-45 minutes. Deep standing water for long periods of time (a light rain never reaches this amount).
1 Inch of Rain – 1.00″
Heavy rain for several hours (2-5 hours). Deep standing water for long periods of time (a light or moderate rain never reaches this amount)

What Information Do I Need for a Quote?

If you are seeking a weather insurance quote, be prepared to supply the following information:

  • The nature of the event
  • The location of the event
  • The amount of coverage you want
  • The weather concern you want to insure against
  • The definition of loss you want to use (such as inches of rain or mph of wind)
  • The amount of time over which you want the policy to cover

Weather Insurance COVERAGE OPTIONS

  • Cumulative Rainfall Coverage.  This coverage provides for a claim if a specific amount of rain occurs over a specific time period.
  • Rain Free or Dry Hours.  This coverage provides for a claim if a rain occurs during a specific number of hours over a designated time period.
  • Other Perils.  Coverage for snow, lightning, fog, extremes in temperature, hurricanes, tornadoes, high winds and other adverse weather may be obtained. We can also combine weather elements into a single policy to, for example, cover days that are both cold and wet, or hot and windy.
  • Other Options.  We will work with you to design a policy to meet your own unique requirements, including policies that address a lack of rain or snow.