Winter weather causes event cancellations
Specialist event insurer Hiscox has said that the prolonged cold spell has led to the cancellation of numerous trade fairs and conferences.
With temperatures reaching near record lows at night and the estimated cost to the economy per day standing at £690m, the weather put paid to significant numbers of planned events.
The primary cause was the damage done to the transport infrastructure, with many who had intended to be present at events unable to make it due to roads laden with snow or treacherous with ice.
Ed Pugh, Hiscox’s event insurance expert, has said that the only slight ray of sunshine in circumstances such as these is the presence of cancellation insurance.
Cancellation insurance naturally covers events that are called off, but can also cover financial losses is the event is limited in some way.
Pugh advises buying early, as it is not only cheaper but also increases the amount of time an organiser is covered for.
The unexpected and prolonged freezing conditions have caused damage in a range of areas, with Aviva warning of the dangers burst pipes can present and urging homeowners to keep their homes warm to reduce the chances of it occurring.
Category: Insurance News
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