Weather Insurance is a specialty insurance product that is used more today than ever despite minimal hurricane activity and moderate snowfall in much of the US in 2016. Weather Insurance provides a financial payout if the weather meets pre-set criteria in the policy. The financial payout is typically designed to offset a cost an organization may incur from adverse weather.
- Special events are among the more common areas where weather insurance comes into play.
- Seasonal rainfall contracts are commonplace for certain industries and organizations
- Recreation facilities often use weather insurance to address potential loss of income resulting from adverse conditions
- Tying promotions to the weather is an effective and cost efficient way for retailers in a wide range of businesses to gain attention, generate traffic and increase sales
Weather Insurance does not guarantee to change the weather to suit the policyholder! Weather Insurance policies can be customized to provide financial resources to mitigate weather-related variations for the insured, typically through revenue or expense offsets.
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