| Each year NCAA Football Bowl Organizing Committees such as
the Tostito’s Fiesta Bowl
invest millions in their annual event. Once the game is staged,
the Committees reap dollars far excess of their investment for through
sponsorship and TV revenue.
By incorporating HCC Specialty Underwriters' event cancellation
protection, if the game is cancelled, for reasons beyond their
control, including the
inability of one of the participating teams to appear, the committees
are able to collect lost sponsorship fees and TV revenue.
For several years, Major League Baseball Team, Cleveland Indians,
have protected their game day revenues by incorporating HCC Specialty
Underwriters' weather
insurance. With this protection, when rain-outs occur and revenues
are lost due to scheduling limitations, all monies associated
with
the games such as ticket sales, concessions and parking are recoverable
under this insurance policy.
Although the Indians have never had a regular season loss under
this policy, they have collected under separate insurance for their
spring training schedule at Chain of Lakes Park in Winter Haven
Florida.
During the 2000-2001 winter season, National Healthcare Services,
a hospital in Philadelphia, PA, transferred their risk of extra
expense associated with excess snow removal by incorporating
HCC Specialty Underwriters'
weather insurance. With this protection, when snowstorms beyond
what is expected occur, an agreed amount per storm is paid to
National
Healthcare for this expense.
During 2000-2001 season, the number of storms exceeded the policy
threshold and National Healthcare received a claim payment of $60,000
to offset the cost of excess snow removal.
In 2001, American Eagle Outfitters protected their irrecoverable
expenses associated with filming a TV commercial by purchasing
an
HCC Specialty Underwriters 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 American Eagle Outfitters, the weather held up and
the filming took place as planned.
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