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Meeting Cancellation Insurance insures against the loss of revenue and extra expense resulting from the cancellation, curtailment or postponement of a meeting due to a covered peril (e.g., a fire at the convention center). Premium is based on gross meeting revenue; many associations also insure some or all of their non-budget items such as room block commitments. Coverage for loss due to earthquake, hurricane or other adverse weather event may be purchased subject to surcharge. Most policies provide a limited amount of terrorism coverage however full terrorism coverage is available for additional premium. Once a potential cause of loss becomes known to the association it is no longer insurable unless coverage has already been bound. Once a potential cause of loss becomes known to the carrier it will be subject to an exclusion (e.g. SARS).
What's CoveredA claim must result from a covered peril such as a hurricane or a municipal or transportation strike and it must result directly in a loss of revenue, reduced profits or extra expense to the association. In addition, most policies offer up to $150,000 of property and gate receipts coverage that are lost or stolen at the event site.
Value to AssociationLost revenue and additional expense caused by an unforeseen event resulting in cancellation, curtailment or other disruption to meeting.
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