Don't Let Rain Ruin Your Event: A Success Case For Insuring PGA Tours
Are you an insurance executive looking for ways to protect your clients' events from unforeseen weather conditions? Consider exploring weather-based parametric insurance with Riskwolf. Riskwolf offers a solution that can help insurers building parametric covers to manage financial losses caused by adverse weather.
One notable event that benefited from weather insurance is the DICK’S Sporting Goods Open, a prestigious PGA TOUR Champions Event held at the En-Joie Golf Course in Endicott, New York. The event, organized by Broome County Community Charities, Inc. (BCCC), has a long history of supporting charitable causes, with donations exceeding $19.6 million. For over 50 years, the DICK’S Sporting Goods Open has been a prominent figure in Central New York’s professional golf scene, attracting legendary players like Retief Goosen, Ernie Els, Miguel Angel Jimenez, Darren Clarke, and Bernhard Langer, among others. DICK’S Sporting Goods, the PGA TOUR, and PGA TOUR Champions players have partnered with the event, ensuring its success.
However, what if adverse weather conditions impact the tournament or any associated events, such as the Friday night concert featuring Country Superstar Kenny Chesney? This is where weather insurance becomes valuable. For instance, Vortex Weather Insurance, known for its expertise in rain insurance, offers event organizers the peace of mind of knowing that they can manage the financial loss if their event is affected by rain. This is a successful example how parametric insurance is already sold by Vortex for the second year.
To better understand the importance of weather insurance, let’s address some common misconceptions:
- “We don’t need rain insurance because it never rains during our event.” Instead of assuming that rain won’t occur, consider the potential financial loss if it does. It is wiser to be prepared for any weather eventuality to avoid risking financial setbacks.
- “We’ll just reschedule the event if it rains.” Rescheduling an event can be a challenging and costly endeavor, especially when multiple vendors and participants are involved. Opting for a rain insurance policy can provide a more cost-effective solution.
- “We’ll just tough it out and hope for the best.” Adopting a “wait and see” approach is risky, as it may lead to substantial financial losses if the event is adversely affected by rain. Ensure your event’s success by not taking chances with unpredictable weather.
By collaborating with InsurTech companies like Vortex or Riskwolf, event organizers can focus on delivering exceptional experiences to attendees without the burden of potential financial setbacks caused by unexpected weather conditions. Riskwolf specializes in enabling insurers to develop and implement parametric insurance on a large scale, utilizing real-time data and dynamic risk modeling.
If you’re interested in exploring how parametric insurance can safeguard your clients' events, reach out to Riskwolf today. We can provide you with further information and guidance.