General | BUA Insurance | Event Cancellation Insurance, Concerts, Events, Severe Weather

Year in Review

Posted by admin º December 15, 2011 º General

As 2011 draws to a close, there can be no doubt it will be a year remembered for its many newsworthy events. From the earthquake, tsunami and nuclear disaster in Japan, to hurricanes and devastating floods and tornadoes, to the protests in the streets both around the world (Tunisia, Libya, Syria, etc.) and at home (Occupy movements in dozens of cities), we saw dramatic events play out almost daily.

For event organizers, one important take away from this tumultuous year is that all kinds of circumstances that can potentially disrupt, postpone or cancel an otherwise well-planned event. Event Cancellation Insurance from BUA is a proven way to protect your event’s financial well-being.

Event Cancellation protects your event from adverse weather including hurricanes, civil unrest, terrorism and communicable disease. It is a safe bet a year from now, when we review the notable stories of 2012, some of them will include these circumstances. You know they are coming. Be ready.

Next Flu Pandemic

Posted by admin º November 30, 2011 º General

Unlike the fall foliage season or the summer vacation season, the annual influenza season is one that no one looks forward to. According to the Centers for Disease Control and Prevention in Atlanta, we are still a few weeks away from the 2011-2012 influenza season.

Though the ‘normal’ flu season comes at the same time every year, we do not know if we are days, weeks or months away from hearing about the next global flu pandemic. In 2009, the H1N1 virus seemingly popped up overnight and spread around the world in a matter of days.

If you are an event organizer, the best way to protect yourself from an outbreak that may disrupt your event is to contact BUA for an Event Cancellation Insurance quote.

As soon at that next virus is identified, coverage for its affects will become either not available or extremely expensive. The time to lock in coverage to protect your event against a cancellation, relocation or postponement due to a pandemic virus, is now.

BUA’s Event Cancellation policies do offer coverage for cancellation due to a Communicable Disease, meaning if a widespread flu pandemic forces the cancellation or postponement of your event, you are covered.

Event Cancellation Insurance from BUA. Think of it as a flu shot for your event.

Homegrown Terrorism Threats

Posted by admin º November 21, 2011 º General

After being under police surveillance for more than two years, al-Qaeda sympathizer Jose Pimentel was arrested in New York City recently on charges that he was plotting to plant home-made bombs in New York and New Jersey.

Two other terrorism cases are currently being prosecuted in Massachusetts courts. In one, a US born man from the high-end Boston suburb of Sudbury is accused of providing support to a terrorist organization by translating and distributing al-Qaida videos over the Internet. The second case involves a young engineer from Ashland, MA who is accused of plotting to fly explosive laden radio controlled model airplanes into the Pentagon.

These three cases point to the evolving nature of the terrorism threat in the US. While we are still at risk from outside groups attacking from the outside, it seems the growing threat is from disaffected “lone wolf” actors from within our borders who seek to express their frustration and anger by harming innocent Americans.

These individuals, who may be American citizens, do not have the issue of crossing the US border. Once they become radicalized, they use the Internet and social media to find coconspirators and logistical support.

It would not be at all surprising to see more of these types of cases in the weeks of the holiday season. While there is generally a heightened level of awareness and security around the holidays events and activities – parades, football games, First Night celebrations – these events also must appear as opportunities and targets for these individuals.

Whether the threat is internal or external, event organizers can protect their events from the financial consequences of cancellation, postponement or relocation as a result of an act of terrorism, by contacting BUA about Terrorism Insurance.

Winter Forecast

Posted by admin º November 8, 2011 º General

AccuWeather.com recently published its nationwide forecast for the winter of 2011-2012. The weather forecasting service is calling for “another brutally cold and snowy winter for a large part of the country” due to the La Niña effect. La Niña is a weather phenomenon that occurs when the surface water temperatures in the eastern Pacific Ocean are below normal.

During the winter months, the jet stream is expected to bring cold air from northern Canada into the Midwest, spreading the worst of the winter weather as far south as Missouri and as far east as western Pennsylvania and western New York.

With the memories of the winter of 2010-2011 still relatively fresh our collective
conscientiousness, these predictions of above normal snowfall and frequent storms for this coming winter can produce anxiety. This is especially true if your organization has tradeshows, conferences, meetings or other events scheduled for Chicago, Minneapolis, St. Louis, Indianapolis – site of the Super Bowl in February 2012 – or any other Midwestern city.

BUA’s Event Cancellation Insurance offers protection to event organizers against the financial consequences of winter weather. Contact BUA today if there’s a chance that the wrath of winter could send a chill to your bottom line.

The Opening Night That Wasn’t

Posted by admin º November 2, 2011 º General

The National Basketball Association was supposed to kick off its 2011-2012 season last night. Today however, instead of talking about the furious comebacks and spectacular plays of last night’s action, we are talking about revenue splits and the next scheduled negotiating session.

In fact ALL games in November have already been cancelled, so the earliest the league could return is December 1st. However, unless the stalemate is broken soon it is likely that date will also be pushed back and that many more games will be cancelled.

As we’ve mentioned, Event Cancellation Insurance can cover labor disputes and strikes, so the NBA teams could have protected their game revenue with a policy from BUA.

Ultimately, the speed with which the two sides reach a settlement may come down to which side – the players or the owners – feels more of a financial strain more quickly. Most observers feel the owners’ deeper pockets will be able to outlast the players, whose solidarity may waiver when they begin missing paychecks. If that happens, the players may “lose” but at least the games will get back on the court. Until then, more and more sports fans will be asking one another “Did you see the hockey game last night?”

Rock of the Aged

Posted by admin º October 26, 2011 º General

Get your lighters ready – or a least the lighter app on your smart phone! Classic rock acts are out on tour this fall. Sixty-six year old Bob Seger is currently on a US tour playing his own brand of ‘Old Time Rock and Roll’ for adoring fans. John Mellancamp just turned 60 and is also touring. There is even talk that none other than the Rolling Stones may tour in 2012. Presumably, their lineup would include Mick Jagger (68), Keith Richards (67), Ron Wood (64) and Charlie Watts (70). These performers are not only advancing in age, but many of them have, shall we say, ‘lived’ a little bit over the years.

As our musical icons age, the chances that the aches, pains and illnesses that catch up to all of us may also impact these rockers’ ability to play every show on their respective schedules.

BUA’s NoShow™ Non-Appearance Insurance protects concert producers and concert venues against the financial fall-out of cancelling or postponing a show because the performer is not able to appear.

The non-appearance of the performer is the most common reason for a show to be cancelled. As those performers continue to advance in age, it makes more and more sense to consider NoShow™ Non-Appearance Insurance, particularly if those performers live… well, like rock stars.

NBA Lockout Threatens Season

Posted by admin º October 19, 2011 º General

The National Basketball Association is in the middle of what could be a protracted labor dispute. While this is certainly not causing the same angst among the general population of sports fans that the NFL lockout did earlier this year, the leagues does stand to lose a substantial portion of their season even if an agreement is reached soon.

There is precedent for extended work stoppages in major American professional sports. Most notably, the National Hockey League cancelled its entire 2004-2005 season due to a labor dispute. Major League Baseball memorably cancelled the 1994 World Series when the owners and players could not come to an agreement. The NBA lost almost half a season in 1998. In this case, fifty (of a normal eighty-two) regular season games were played and the playoffs were not affected.

There is little solid evidence on how much permanent damage such cancellations do to the long-term popularity of the sport. It is clear that both baseball and hockey took years to recover their previous fan support. The NBA fared better because it did not lose its playoffs and did crown a champion.

The league’s 30 teams and the businesses that depend on those teams could have protected themselves with Event Cancellation Insurance. Coverage for labor disputes and strikes can be included. If your event faces potential financial exposure from a work stoppage, contact BUA to see how Event Cancellation may cover you.

Storm Brewing?

Posted by admin º October 12, 2011 º General

The Atlantic Hurricane corridor has been reasonably quiet since Hurricane Irene roared up the East Coast in late August. Since the middle of September however, there has been a different type of storm brewing. The Occupy Wall Street protests began in New York and have spawned similar splinter groups in other cities around the country.

To this point, the movement’s methods have been largely peaceful and its message has been rather muddled and disjointed. The situation does bear monitoring nonetheless. The protests may indeed fall victim to their own lack of direction and fade away.

In another scenario, it is possible that the movement is fed by the media and the 24/7 news cycle and continues to gain momentum and support. If this happens, the protests may begin to disrupt business and events not only in New York, but in other cities where they have taken hold.

It is important to note that standard Event Cancellation Insurance policies exclude coverage for Civil Unrest. BUA, however, does include Civil Unrest coverage. So if protesters in the streets have the potential to disrupt your event, contact BUA for an Event Cancellation Insurance quote.

Ready or Not, Here It Comes

Posted by admin º May 25, 2011 º General

The Atlantic hurricane season begins next week. As the season approaches, we have seen the competing predictions from the various forecasting organizations. Depending on whom you choose to believe, the 2011 season that begins on June 1st and ends on November 30th, will feature anywhere from 12 to 17 tropical storms, with 6 to 9 of those storms developing into hurricanes.

The Colorado State University forecasters predict a 73% likelihood that a major hurricane will make landfall on the US coastline. Which of these forecasts is the most accurate is largely beside the point. The fact remains that tropical storms and hurricanes will threaten the US over the next six months.

If you are an event organizer, the question then becomes, what do you about this fact? Event Cancellation Insurance is available to protect an event’s revenue and unrecoverable expenses from tropical storms and hurricanes.

However, the time to buy Event Cancellation Insurance for an event taking place on the East Coast is not when a storm is forming in the Caribbean. In such circumstances, the storm in question will need to be excluded and leaving you unprotected. The best approach is to contact BUA now about protecting your event as soon as you have an insurable interest. Typically this is when the event organizer has executed the lease agreement with the venue. Coverage can be obtained with 24 hours in most circumstances. Be prepared.

BUA Launches NoShow Insurance

Posted by admin º May 16, 2011 º General

BUA is pleased to introduce NoShow™ Non-Appearance Insurance.

The NoShow™ program is designed for concerts and other events for which the non-appearance of person or group of people may cause the event to be cancelled or postponed. NoShow™ can provide coverage for an individual event or for an entire tour, on a worldwide basis.

The non-appearance of the performer is the most common reason for a show to be cancelled. NoShow™ protects the venue or the promoter in the event that the performer cannot perform due to any number of reasons such as accident, illness, injury or travel delay.

With the NoShow™, BUA brings its event industry expertise to the entertainment arena. The product can also be used to insure the appearance of a high-profile key note speaker at a convention, a celebrity’s presence at a meet-and-greet or an athlete(s) at a sporting event. If the success of your client’s event depends on the appearance of an individual, then you should consider NoShow™ Non-Appearance Insurance.

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