Non-Appearance Insurance of an Individual Performer
Non-appearance of a key performer for a production company or a presenter can be financially devastating to the organization. If you have a principal artist as part of a concert or if your theater is producing a one person show, without that particular artist, you have no production.
You can however, buy insurance to cover all or part of the potential loss of income which will result from the refund of ticket cost and any of the production costs including advertising, set design, vendor contracts, and any other direct expenses associated with the production.
In determining the amount of coverage needed, the potential profit should be included in the total amount and then a percentage of the total can be calculated. If you are insuring a single performance you would probably want to insure 100% of the total, if you are insuring a multi performance run you can determine if you are willing to take a chance that some of the performances will be held.
The application process will require a special form and a physical examination to determine the current health status of the artist. The application will also determine if there are any hazardous travel or life style exposures that will influence the underwriting process or pricing of the coverage.
As you can imagine, this is a very specialized field of insurance and Schweickert & Company has a great deal of experience with this coverage, having insured many well known actors and musicians.
We will consult with our clients on the amount of coverage needed and will make all of the necessary arrangement for completing the application process and any medical examination.
Although our focus is on performing arts, there are many other events which could be ruined if unexpectedly cancelled such as: Major trade shows, special sporting events such as golf tournaments, Film shoots or major concert tours.
Any event that has a large cost associated with it and depends on attendees and vendors to pay all of the expenses and to hopefully provide a profit can be vulnerable to any number of occurrences including civil authority, major wind storms, off premises power failure, fire, sickness of artists or damage or loss to sets or equipment.
Could your organization survive a set back like this? Well you don’t have to face the prospect all alone. Business Interruption or Event Cancellation insurance can provide you with a safety net of insurance coverage to match the revenue stream equal to all or part of the anticipated income from the event.
This type of insurance comes in all shapes and sizes and at all amounts of premium. You can specify what you want covered and how much and Schweickert & Company will try to find an insurance company that is willing to cover what you want to protect.
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