|
For several years, Major League Baseball’s 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.Cost
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.
A major brand was working on the final details of a promotion they
were planning to run in several Asian countries. The game piece
printer that they selected was known for their ability to deliver
creative and innovative work on time and at a competitive cost.
However, the Philippines based printer was unable to secure printer’s
errors and omissions insurance coverage naming the marketer as an
additional insured for the brand’s own protection. This situation
threatened to derail the promotion and expose the marketer to additional
liability. HCC Specialty Underwriters was able to solve the problem
by providing Promotion
Specific Game and LotteryTicket Printer Errors and Omissions. Underwritten
through our London office, this coverage picked up the liability
of an over-production of too many high-prize-value game tickets
being printed and distributed to otherwise rightful winners. Coverage
also would respond in the event that game tickets or other printed
game materials were physically damaged or lost and caused the promotion
to be cancelled or postponed.
There is no question that celebrity has its price. When that price
involves extortion, kidnapping and ransom, the darker realities
of our world are brought into sharp focus. High-profile individuals
need specialized coverage. HCC Specialty Underwriters is routinely
asked to provide Kidnap
and Ransom protection in addition to our high limit disability
policies for individuals. The policy provides reimbursement for
monies surrendered
as either a ransom or extortion payment and extends to all relatives
and guests of the insured person. HCCSU can help arrange coverage
to protect high-profile individuals with our sister company,
PIA.
|
