Walterry Insurance: Convention Cancellation Could this Happen to You? After months of preparation for your convention, three weeks before the convention the hotel and convention center are badly damaged either by fire or elements of weather (including earthquake). Since no other hotel can accommodate you at this late date, you are facing the possibility of substantial financial loss. Don't Let it Cost You Your Job!! Be a Hero A Convention Cancellation Policy, sometimes referred to as Event Cancellation, provides for the loss of revenue due to the cancellation or postponement of your convention and for prepaid commitments. The premiums are based on your budgeted gross income, location of event and season of the year. Some highlights of the policy follows: Cancellation/Postponement Loss Your gross budget Physical Loss to Personal Property $125,000 Door Registration Receipts $100,000 Remedial Action $25,000 Unscheduled Indoor Events $50,000 Inadvertent Nondisclosure $250,000 Commitments 10% of your gross budget Coverage Descriptions Cancellation Loss Indemnity - Coverage against loss caused by the cancellation, curtailment, postponement, removal to alternative premises or abandonment of the event, including the reduced attendance to a continuing event caused by disasters such as: Physical damage to the hotel caused by fire, windstorm or other perils. Non-appearence of a principal speaker. Adverse weather conditions. Strikes by hotel, transit or airline employees. Physical Loss to Personal Property - Coverage against a physical loss or damage to property owned, leased or rented to the insured while at, or in transit to or from the scheduled event. Coverage is not, however, provided for automobiles unless used for exhibition purposes only. Door Registration Reciepts - Coverage is provided for loss of cash, checks and other negotiable instruments at the convention facility for registration, or tickets for events directly associated with the convention. Remedial Acton - Coverage is provided to the insured for the necessary cost of remedial action incurred to minimize the extent of a loss. Unscheduled Indoor Events - Coverage is provided for events which the insured inadvertently failed to disclose until after the start of the event. Coverage is limited to the amount shown for this coverage and is limited to the amount shown for this coverage and is not provided for the perils of earthquake or earth movement. Commitments - Coverage in addition to the limit of indemnity for the insured's nonrefundable and noncancellable written financial obligation for goods, services or facilities of others. These descriptions are meant to offer a brief outline of the coverage provided and are not part of the actual policy. The policy conditions, insuring agreements and definitions should be consulted for the actual policy terms. [ Request Insurance Quote ] [ Return to Nonprofit Programs Page ] Copyright © 2005 Walterry Insurance Brokers [ Forms ] [ Contact Us ] [ Privacy Policy ] [ Home ]