With winter storms looming across the United States, golf courses, hotels, resorts and other entertainment venues are starting to brace for cancellations, and lower attendance and occupancy rates. Through its Weather Guard insurance product, specialist insurer Beazley is providing a solution to businesses to protect against weather related revenue loss.
To help businesses better prepare for bad weather which wreaks havoc on revenues, Beazley recently launched www.beazleyweatherguard.com, backed by decades of historical rainfall and temperature data.
Through the website’s Weather Has its Price tool, hoteliers can view weather pattern information for a particular month or season and obtain a tailored quote for coverage during times of peak demand.
“Hotels and resorts are particularly vulnerable to severe or prolonged bad weather that drives down occupancy rates, said Christian Phillips, contingency underwriter at Beazley. “Through Weather Guard we can help them recoup some of the revenues lost.”
Winter 2013 had a substantial impact on travel, events and hospitality, with many parts of the United States experiencing their snowiest winter on record. Approximately 98,000 flights were cancelled across the US last year according to masFlight, and The Restaurant Association reported in December 2013 and January 2014, sales were $1 billion less than the record high volumes recorded in November 2013.