Could Weather insurance help quench my thirst ?

by Guest » Fri May 19, 2006 05:30 am

hi....I am the operator of a large water park in town and I have a weather insurance too. Since it was relatively cool in Chicago for the entire last month (this year) as compared to the other years, so I'd been suffering from huge losses. Its hightime that I ask you guys if I could use my weather ins in any ways to get some form of reimbursement from my insurance provider.

Total Comments: 7

Posted: Fri May 19, 2006 06:49 am Post Subject: its not fair to call it that way !

My friend... its time, you should know that weather insurance is a small form of insurance coverage and so the outcome of such small benefits can't really be large enough to cover the huge losses that you may have suffered in the recent times.Though its available for a number of applications and has a growing market still its impact is quite small. I suggest you better go for a risk management contract.

Posted: Fri May 19, 2006 08:02 am Post Subject:

Could someone tell me about the weather risk management thing ? Hows is it different from the Weather Insurance ?

regards, Norma

Posted: Sat May 27, 2006 04:30 am Post Subject: weather insurance plays a key role !

A weather insurance has something to do whenever weather plays a key role towards inflicting losses in terms of income or an increase in terms of expenses. Individuals can purchase a weather insurance to get covered for an expected loss which is not associated with any other physical damage alongside it. This form of insurance is also a better option for the organizations who suffer from income losses while bad weather denies the commencement of one of their sales promotion or other special event.
Sasha Taylor

Posted: Fri Jun 02, 2006 07:26 am Post Subject:

hi All ! Somehow I have this feeling that the idea of Weather risk management can be elaborated !

There are a particular class of risk management tools that evades the possibilities of risks coming out as a result of changes in temperature for a particular period of time in the future.
The volume related risks usher in a stronger risk management system when they get in touch with the price risk management tools. The relative coolness of the weather at a given place for a period of time would help to count on the worth of risk management tools.

Hence its not at all required to judge the weather, rather its important to identify the factors that are equipped to engulf the weather risks.
thanks, Oswalde

Posted: Wed Jun 21, 2006 12:47 pm Post Subject: reply

USE ANTIFREEZE in pipe traps etc. Sun melts in East in winter not the West. Your melt time in Winter is limited to few hours a day just like house gutter run off.

Posted: Mon Feb 12, 2007 02:56 am Post Subject: new too weather market (only been interested in it about 4 )

Does some of the companies that do weather insurance hire someone who doesn,t have a insurance lincence.Also i work in the wind energy field,i live in west texas where wind energy is growing so how can weather insurance help the wind energy market

Posted: Fri Oct 26, 2012 10:04 pm Post Subject:

"Weather" insurance is normally called "rain" insurance in the commercial insurance side of things. The primary intent of rain insurance, which is a form of business interruption insurance, is intended to indemnify the insured for loss of earnings and payment of expenses resulting from "adverse" weather conditions.

Fairs, horse races, outdoor boxing matches are examples of insured uses. These events get rained out, the promoters stand to lose huge amounts of money as they've paid for advertising, other marketing, the event site, etc. There isn't any property damage coverage involved, it's all business interruptions stuff due to the weather.

Two general kinds of coverage are available: "Weather Cancellation Insurance" gives some protection to promoters if an event must be cancelled due to weather. The second, called "Conditional Weather Insurance," brings into play certain conditions under which a benefit is to be paid. For example- we have a "snowball" golf tournament... no snow? No tournament. The event promoter would purchase conditional insurance, so if it doesn't snow, he gets paid.

In terms of coverage that will pay for loss of income in the manner you're describing? I don't know of any coverage that will do that. That's a loss of revenue issue...

InsTeacher 8)

Add your comment

Enter the characters shown in the image.