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Contingency Risks incl Weather

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The Risk

Any event such as sports competitions and film productions that are staged out of doors can be at risk of being cancelled due to adverse weather.

The Solution

Howden India is a foremost specialist in arranging and structuring covers for sponsors of events against cancellation or abandonment due to reasons beyond their control.

The Coversperformance

Bonus Indemnification (Contractual Bonus)

Sponsorship has become one of the most important aspects in the world of sport today, with large performance related deals being made with individuals and teams. These involve a contractual bonus paid by the sponsor if "their" individual or team achieves a certain position.
The application for this coverage is enormous, applying to all sports and events. These include, for example, a golfer winning an open championship, cricket teams winning a test series, or an athlete breaking a world record.

Cancellation/Abandonment

To indemnify clients for costs incurred or loss of revenue should the event they are involved in be cancelled or abandoned due to any reason beyond their control. Coverage is usually taken out by theatre companies, pop concert promoters, exhibitors, TV networks etc for any event in which they may have an investment.

Death or Disgrace

The costs involved in producing an advertising campaign using a celebrity to promote a particular product or event can be enormous. If the celebrity dies or dis-graces himself, then the entire campaign may have to be abandoned.
Coverage will protect a client against their loss of costs, expenses and potential revenue, enabling them to run an alternative campaign, whether on TV, radio or the printed media.

Judicial Delay

Any legal proceeding, whether civil or criminal, can involve all parties incurring legal expenses, which can grow over a lengthy trial. Any trial is dependent on the Judge and sometimes expert witnesses or arbitrators performing their duties. If such individuals fall ill or die, the trial will be abandoned and another will have to be ordered, thus involving huge losses for the parties involved. Coverage can be placed against such an eventuality indemnifying, parties for loss of costs, expenses and commitments.

Adverse Weather Indemnity

Any event such as sports competitions and film productions that are staged out of doors can be at risk of being cancelled due to adverse weather. This can be in the form of lack of sunshine (film shoots), wind in excess of a certain speed, and rainfall over a designated period of time.

We can provide coverage, which protects a client for loss of costs, expenses and potential revenue due to reduction in attendance at an event (whether cancelled or not) as a result of no more than ten minutes continuous rain.

 

For Further Information Contact:

Mr Neeran Choudhary

Senior Vice President – Corporate Business

Telephone

+91-22-6655 8861

Email

neeran.choudhary@howdenindia.com