Event Cancellation Insurance Claim Denials — Tips for Recovery
Very few policyholder insurance recovery lawyers have ever even looked at an event cancellation insurance policy, let alone pursued a claim under one of these policies. This is likely the case because event cancellation insurance is a unique kind of insurance coverage that is not applicable to most kinds of businesses. As its name implies, event cancellation insurance covers losses caused by the cancellation of an event. The event may be a movie shoot, sporting event, concert, or television production. Any business that derives revenues from an entertainment-related product, has likely purchased this kind of coverage, and the financial stakes for event cancellation are highest in the music, movie, television, and entertainment industries.
If you think that insurance recovery law is boring, a close look at event cancellation insurance should change your mind. When a movie cannot be made because an “A list” actor got injured days before scheduled shooting, think of event cancellation insurance. When one of the most successful rock bands of all time is forced to evacuate a venue because of a bomb scare, think of event cancellation insurance. When one of the largest music television productions in the world needs to guarantee revenues, even if it cannot deliver the show, think of event cancellation insurance.