Rain insurance is a unique policy that protects against literally just that, Rain! If you have ever been involved in an event that is dependent on mother nature for the success of the event, this policy will interest you. In the past we have covered outdoor weddings, concerts, festivals, county fairs and tractor pulls. To determine how much insurance is needed, fixed expenses, total revenue, and profits need to be considered.
The steps to deciding coverage are:
- What is the date(s) of the event?
- Determine potential revenue loss.
- How much rain will cause a revenue loss (in ¼” increments)?
- During what time period(s) will rain cause a loss?
This policy is sight specific, meaning rain totals are monitored directly at the sight of the event. The amount of rainfall is measured by an onsite rain gauge. Many of our competitors offer similar policies, but do not offer sight specific monitoring when determining rainfall amounts. Rates are based on the event location, total revenue being covered, the selected time frame and the amount of rain needed to trigger a loss.
Your event does not need to be cancelled to collect. If you receive over the amount of rain protected in the insured window, the policy will pay. Sometimes attendance will suffer because of rain in the forecast. If you still have the event and the policy pays, it will help subsidize your income for the event. Other times if the event is cancelled, you already have fixed costs and the rain insurance loss payment will help cover those expenses.