On the heels of this year’s ferocious winter storms throughout the northeast, preparations are underway for the New York area’s first Super Bowl, set to be held in February 2014 at MetLife Stadium (formerly New Meadowlands Stadium). New York and New Jersey expect tens of thousands of tourists for the game itself, not to mention the thousands more who will descend on the area just to be near the excitement of the game and its festivities. Although the game is still more than two years away, conservative estimates suggest that the event will generate hundreds of millions of dollars in revenue for the New York/New Jersey area.
However, this historic event—like all live sporting events—carries with it significant economic risks in the form of event cancellation or postponement. To combat these risks, insured venues, leagues, teams, concessionaires, promoters, broadcasting entities, and advertisers commonly rely on various lines of insurance coverage—including event cancellation coverage, non-appearance coverage, weather insurance, and business interruption coverage. These risk management tools can insure anticipated profits and revenues, out-of-pocket expenditures pertaining to the promotion and planning of the covered event, and the costs incurred to reschedule a postponed or interrupted event.
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