Weather Insurance
How do I buy weather insurance?
The process is very simple. First we need to know what type of business or event you need coverage for, the type of coverage needed, the amount of the coverage, the date of the weather event and what type of weather you would like protection against. Next we will provide you with a quote with a range of options. Pricing typically ranges from 1 – 4% of the amount of coverage needed. Once you select the quote that fits your budget then we will provide you a weather contract specific to your needs. Sign the contract and submit your payment and you are covered!
Who should buy weather insurance?
Any size business can utilize weather insurance. Smaller businesses can promote a new product or grand opening by running a contest covered by weather insurance. Larger corporations can protect their yearly budget from unseen future weather occurrences. Event planners can cover their cost of any outdoor event if adverse weather occurs. Concert promoters, golf outing directors and film studios have all purchased weather insurance to protect their events from rain, snow, wind or any other type of weather you can think of.
Who measures the weather for us?
US Weather Insurance will designate the closest approved recording station in the terms of the contract. This is typically located near a major airport in your area and the historical data from this station is usually used for pricing your coverage. If an established weather recording station is too far away from your desired recording location then an independent weather observer or a weather monitoring service such as Weather Command may be used.
What types of weather do you cover?
Rain, snow, temperature, lightning, hurricane, wind speed, fog, tornado and many other adverse weather conditions can be insured.
Rain Insurance
Rain insurance coverage is one of the most popular types of coverage offered by US Weather Insurance. This type of coverage works well in several different scenarios including protection for outdoor special events, film productions and sales promotions. Whether you are looking to protect an event from lost revenues and/or unrecoverable expenses due to rainy weather or plan on running a sales promotion whereby you offer to reimburse customers if it rains on a certain day, US Weather Insurance can structure a policy that protects your bottom line.
Rain Insurance Options
Rain Accumulation
This policy is designed to cover an insured if a certain amount of rain (as determined by the insured) were to fall during the selected time period. This allows the insured to decide what hours they need coverage for and how much rain would need to fall in order to negatively impact their event.
Rain-Free Hours
This policy is designed to cover an insured if a certain amount of rain (as determined by the insured) were to fall for more hours during the selected insured hours than the pre-determined number of dry hours that the client needs. For example, an insured may have a 12 hour window in which they need 6 hours to be dry and if it is not dry for at least 6 of those 12 hours then the policy would payout.
Rainfall Amounts & Descriptions:
1/100 (.01) Inch of Rain
A light shower for 2-5 minutes or a drizzle for 2 hours. This would not leave puddles on the ground and would slightly wet the surface.
1/10 (.10) Inch of Rain
A light rain for 30-40 minutes, moderate rain for 10 minutes or heavy rain for 5 minutes. Small puddles would form but usually disappear after a short while.
1/4 (.25) Inch of Rain
A light rain for 2-3 hours, moderate rain for 30-60 minutes or heavy rain for 15 minutes. Many puddles on ground that do not disappear easily.
1/2 (.50) Inch of Rain
Moderate rain for 1-2 hours or heavy rain for 30-45 minutes. Deep standing water for long periods of time (a light rain never reaches this amount).
3/4 (.75) Inch of Rain
Heavy rain for 2-4 hours. Deep standing water for long periods of time (a light or moderate rain never reaches this amount).
1.0 Inch of Rain
Heavy rain for several hours (2-5 hours). Deep standing water for long periods of time (a light or moderate rain never reaches this amount).
Snow Insurance:
Snow insurance is a popular type of coverage offered by US Weather Insurance that works well for special events that might be affected by snowfall as well as businesses whose bottom line is impacted by excessive or lack of snow. A snow insurance policy can be designed to protect against the cancellation or impact of lower attendance for an event (i.e. trade show, corporate events, etc.). It could also be designed to protect municipalities, property managers and other organizations from the financial risks associated with removing excessive amounts of snow. Alternatively, this product can work to protect an insured whose business relies on snow (i.e. ski resorts, snow mobile manufacturers, etc.)
Snowfall – Per Inch
This policy is designed to compensate an insured for any additional accumulation of snow that falls above a selected deductible number of inches during the winter season. For example, an insured would be compensated $2,000 for every inch of snow over the set deductible of 48 inches.
Snowfall – Per Storm
This policy is designed to compensate an insured for any additional snow storms that occur above a selected deductible number of snow storms during the winter season while also selecting the number of inches that defines a storm. For example, an insured would be compensated $15,000 for every storm of 6” or more snow that occurs over the 4 storm deductible for the winter season.
Temperature Insurance:
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 if a certain temperature is reached and not have to worry about the lost revenue if the risk happens.
Temperature Insurance Options
Temperature – Maximum
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 the purchases they made during the month of June.
Temperature – Minimum
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 form the ice sculpting festival that was not able to be held that day.