Event Cancellation Insurance introduction: how the policy pays losses and what it does for you

1. Event Cancellation
Insurance
BUTTINE EXHIBITION INSURANCE
33 E 33d Street, 5th Floor
NEW YORK, NY 10016
T 800.964.4454, ext 21
F 212-208-3076
jmb@buttine.com
www.buttine.com

2. Event Cancellation Insurance
“Event Cancellation Insurance – a
form of customer service” Jack
Withiam, Jr. GLM LLC
• Pays anticipated profit
• Pays incurred expenses
• Allows return of sponsorships,
exhibitors fees and
education/seminar charges
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3. Event Cancellation Insurance
What it does for you …
• It pays the incremental cost of
“making it happen” in event of loss
• Pays the cost of rescheduling the
event in same or new location
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4. When to purchase Event
Cancellation Insurance
• Now! … You have an economic interest in the
’13-15 shows today: i.e. when your ’12 events
conclude, you started to incur cost … sale of
space, hall lease, promotions, etc. budget
income, etc.
• The rate is the same 2 months away from your
event as it is 24 months – the more in advance
you buy, the more you benefit from the coverage
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5. What Event Cancellation
Insurance Covers
• Hurricanes
• Floods
• Power Outage / Blackouts
• Tornadoes
• Earthquakes
• Building / Venue Damage
• Strikes
• Terrorism & Communicable Disease … many
coverage options are available
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6. Event Cancellation
Insurance Cost
• Rates are determined by:
Location and Event Dates
• “rates’ are usually less than .3-.5% of
revenue – more for areas prone to EQ
and hurricane, and cost of terrorism and
CD
• Policy Limit equals the show revenue
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7. Event Cancellation Insurance
How a claim is paid
The Principles …
Budget: Gross Revenue $1,000,000
Expenses $ 750,000
Profit $ 250,000
A claim example – total loss occurs before opening ...
– Paid 100% exp @ time of loss $ 750,000
– Cash in Bank @ loss $ 250,000
– Refunds @ total loss a. $ 250,000
– Ins Co 1st Payment b. $ 750,000
– Ins Co 2d Payment c. $ 250,000
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8. Event Cancellation Insurance
How a claim is paid
The steps are …
– At the first hint of a claim, call Buttine –
always at night and on weekends
– We can assist with communications to your
exhibitors
– A special type of Loss Adjuster will call you
– We are with you ‘every step of the way’
– Knowing attendance history is key to settling
losses promptly
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9. One more thing … for Exhibitors
• Exhibitor Liability saves show managers’
policies from paying “other peoples
claims”.
– Many exhibitors do not have insurance so an
insurance requirement is a ‘good thing’
– Foreign exhibitors’ insurance may not pay
claims in the U.S.
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10. ShowDown® Exhibitor Event
Cancellation
… “the world's best form of sleep insurance”
for exhibitors
• Unique in the US exhibition and event industry
• Covers exhibitors’ incurred costs if a show does
not go ‘as planned'
• Loss examples include cancellation of the event
due to weather, a shipment's late arrival,
unavailability of key staff due to illness or injury,
and terrorism
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11. Event Cancellation Insurance
This concludes our presentation …
… What are your questions?
Jack M. Buttine
BUTTINE EXHIBITION INSURANCE
New York, NY
(800) 964 4454, ext 21
jmb@buttine.com
www.buttine.com
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