With weather, looks can be deceiving. Even though the day of your event calls for sunny skies, the temperature might be a few degrees over or under what is needed for your event to be a success. What will you do if your live ice sculpture event calls for warm temperature? As a solution, Temperature Insurance is a unique coverage that is commonly used for outdoor events, agriculture and any insured that is subject to a financial loss due to either above or below normal temperatures. It also works well for sales promotions whereby an insured can offer to reimburse customers for their purchase if a certain temperature is reached and not have to worry about the lost revenue if the risk happens.
- Based on: Temperature
- This policy is designed to compensate an insured if a maximum temperature is reached or exceeded for a specific day of the year. For example, an insured would be compensated $1,500,000 if the temperature reaches 100 degrees in their area on July 4th and would therefore be able to reimburse their customers for all the purchases made at their store during the month of June.
- This policy is designed to compensate an insured if a minimum temperature is not reached for a specific day of the year. For example, an insured would be compensated $25,000 if the temperature does not fall to below 32 degrees in their area on January 1st which would offset their loss of income from the ice sculpting festival that was not able to be held that day.
To find out more information about Temperature Insurance, give us a call at 888-982-5488 or email us at email@example.com.