Dewitt Stern Offering Insurance To Protect Businesses From Super Bowl Cancellation
N.Y.-based insurance brokerage firm Dewitt Stern is offering coverage that would "pay out in the event bad weather or something else" causes Super Bowl XLVIII "to get cancelled or moved," according to Ed Beeson of the Newark STAR-LEDGER. The protection, underwritten by HCC Insurance Holdings, would "pay policyholders either the revenue they anticipate making during the game, or the expenses they incurred leading up to it." But the coverage has "some strict limitations: the game would have to be cancelled entirely before kickoff or get moved more than 60 miles from MetLife Stadium before it kicks in." A week-long postponement "wouldn't be enough." Dewitt Stern Managing Dir of Entertainment & Media LeConte Moore said that he was "inspired to offer the coverage" after Hurricane Sandy forced the cancellation of the N.Y. Marathon, "leaving countless vendors, restaurants and others out of luck." Aon Risk Solutions Global Entertainment Group Exec Dir Lori Shaw said that her company has also "seen 'far more' interest in event cancellation policies for next year’s Super Bowl because of fears over the weather." Shaw: "It’s an insurance most business owners probably don’t have now and might not be thinking about." She added that companies "should take account of what they are covered for if they have Super Bowl plans." She explained that, for example, if companies are "entertaining top clients and bringing them to the game, those activities may not covered by their corporate general liability coverage." Shaw: "They might want to consider additional coverage if they take their guests there and anything happens" (Newark STAR-LEDGER, 10/20).
BANKING ON IT: In New Jersey, John Brennan notes Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America and other "financially focused companies make up nearly half of the 29 businesses named 'host sponsors' for the Feb. 2 game at MetLife Stadium -- each having paid a reported $1 million-plus to achieve that status." The NFL this year has allowed "more than one representative of the industry to be a host sponsor," which has "gone a long way toward footing" the event's estimated $60M cost. Super Bowl Host Committee President & CEO Al Kelly said that the committee "has signed up 106 sponsors overall, and that the premium host sponsor level is 'almost sold out.'" He added that his staff is "strategically holding onto 'a couple' of the luxury suites that come with the sponsor designation." Kelly: "We're waiting for people to come to us with some ideas and thoughts -- and big pocketbooks" (Bergen RECORD, 10/21).