Whether you are attending or hosting a sporting event, the excitement that surrounds the day is unmatched. However, in some instances, unexpected problems or issues may arise that call for the cancellation of said event. Though we can all relate to the disappointment and chaos associated with these sorts of scenarios, having insurance helps to relieve just a little bit of the upset caused by canceling an event. O2 Sports Insurance is a renowned provider of event cancellation insurance which we will explore further in this post.
In the world of sports, weather is the most common cause of event cancellation or postponement. Along with this, natural disasters, terrorism, safety concerns, and other issues can cause the change in an event. Due to the never-ending unknowns that can be a risk for an event taking place, having event cancellation insurance helps to at least minimize the financial risks that come with putting on an event so long as the event was canceled or postponed due to situations that were out of the host’s hands prior to the date the event was supposed to occur.
Causes of Sports Event Cancellation:
- Severe or Dangerous Weather: Intense heat or cold can cause sporting events to be canceled as it poses a direct risk to fans, players, and staff. Along with this, lightning poses another risk to attendees of the event. Severe weather such as tornadoes, thunderstorms, hurricanes, etc. can also cause the cancellation of events.
- Natural Disaster: Anything that has occurred in the event environment or surrounding locations such as landslides, wildfires, earthquakes, etc. can cause the environment to be unsafe to host the event requiring it to be canceled or postponed to a later date.
- Terrorism / Safety Concerns: The fear or worry of safety for people in attendance at an event due to the possibility of breached security or threats placed against the event.
Event cancellation insurance can be beneficial to a variety of different stakeholders in sporting events. For example people hosting the event along with rights holders, sports teams, and essentially anyone who risks financial loss if a sporting event is canceled can reap the benefits of this insurance. Through having and utilizing event cancellation insurance, one is guaranteed to be reimbursed for any non refundable payments made to put on a now canceled or postponed event which ultimately protects the financial status of anyone with some skin in the game.
One of the major benefits of event cancellation insurance is its ability to be so intensely personalized. For example, it can be specified under what situations insurance can be utilized, what all needs to be insured and who all is insured. This allows for different events to choose the options that work best for them and meets all of their necessary needs.
Sports That Require Event Insurance:
- Baseball
- Softball
- Football
- Soccer
- Lacrosse
- MMA / Boxing
- Watersports
- Motorsports
Events That Benefit From Cancellation Insurance:
- Camps
- Clinics
- Tournaments
- Games
- All of the above can benefit as well **
Insuring an event in case of cancellation or postponement is just one way to take the stress off of such a chaotic time. Reaching out to an insurance provider can give you a better idea of what your event needs to make sure that in times of chaos or disaster, your finances will be the least of your worries. Reach out to O2 Sports Insurance if you or someone you know needs their sporting event insured.