What is Weather Insurance?
Milltown Weather provides weather insurance solutions for smoothing revenues, managing expenses, locking in profits and increasing sales. Certain weather conditions add additional costs to doing business or decrease projected revenues, leading to a decrease in profit. Weather Insurance is highly customizable financial solution used to compliment your existing insurance and marketing programs and can protect and enhance the bottom line of virtually any type of business, event or promotion.
CLICK ON THE LOGO FOR A FAST FREE QUOTE ON OUR AUTOMATED WEATHER INSURANCE & EVENT SYSTEM
Who Buys Weather Insurance?
Weather Insurance has uses for millions of businesses and consumers impacted by the weather. Structures and applications are virtually limitless and some of the most common uses are festivals, fairs, events, golf courses, wedding, snow removal, corporate events/functions, sporting events, concerts, art shows, running races and retail promotions.
Weather insurance is also used to protect and enhance indoor business where weather may limit turnout and success. For example, a bike or furniture retailer that depends on good weekend weather for high customer turnout.
How Does Weather Insurance Work?
There are 5 elements to a weather contact.
Weather Peril
Example: snow, rain, temperature max/min/average
Weather Trigger
Example: ½ inch rain, 1 ft snow, temp +10 degrees over average
Measurement Location
A weather station is chosen (ex: Mpls/St. Paul airport) or customers can choose a weather watch doppler service, or on-site measurement.
Date or Date Range
Example: July 4th, Saturday Mornings 6am – 12pm. March 15th – September 15th
Contract Payout Amount
A payout amount is chosen and will be paid if the peril and trigger occur at the chosen location during the chosen time period. Ex: $100,000, $10k per rainy day, $100k per rainy day starting the 3rd rainy day (deductible), up to $1M.
With Weather Insurance Contracts there are no complicated underwriting procedures or intrusive data gathering and no claims audits. If the chosen weather event occurs, your policy automatically triggers a payment to you.
Milltown Weather’s Core Weather Insurance Products:
Event Weather
Whether you are organizing a sporting event, concert, festival, wedding, or commercial production, your financial success depends on an extended period of good weather. With the success of your venture riding on something so unpredictable, you don’t want to rely on luck alone. That’s where Event Weather comes in to protect your revenues or expenses from adverse weather that could alter the expected results of your event.
Examples: concerts, races, parties, sales, trips, meetings weddings, parades, festivals, and more
Can be structured with virtually any measurable weather peril such as: Rain, Show, Min/Max Temps, Wind, Hurricane, Electrical Storms
Revenue Stabilization For Weather Sensitive Business
Whether you operate an outdoor business such a golf course or amusement park, or an indoor business such as a movie theater, bike retailer or furniture store, certain weather conditions will keep your customers away and negatively impact your business. Weather insurance can help smooth operating results and stabilize your bottom line, regardless of the weather.
Examples: Golf Course, Resorts, Car Wash, Amusement Parks, Venues, Fairs, Festivals, Snow Removal, Municipalities, Furniture Stores, Bike Retailers, Movie Theaters, Restaurants, Race Tracks, and more
Cost Containment Insurance
A Weather Insurance tool designed to contain costs associated with abnormal weather conditions.
Example: Municipalities, private schools/hospitals, property managers or others responsible for all costs associated with removing snowfall and treating icy roadways. Budgeting.
Weather Backed Marketing Promotions
Weather is on the forefront of people’s minds. With record snowfall amounts, extreme cold, rain, drought and heat across the country, weather continues to create buzz. Weather affects everyone, is easy to understand and is viral. Weather can now harnessed as a powerful marketing tool for your business, product or event.
Examples: A jewelry store ran a promotion that if you purchased your engagement ring from their store, and it rained on your wedding day, your purchase would be refunded. An electronics retailer offered $5,000 back if you purchased a TV from them and it snowed a foot on Superbowl Sunday. A golf course pre-sold memberships for the upcoming season, and if more than 5 Saturday mornings were rained out over the course of the season, the membership fees would be refunded.
Custom Designed Policies
Do you have a unique business situation not addressed in the areas above? Milltown Weather has experience with many different types of weather related business problems and potential solutions. Call us today to start a conversation about your unique business.
Financial Strength
Weather insurance written through an admitted insurer will fall under the protection offered by existing state insurance guarantee funds. There are a number of A rated weather insurance Carriers with a proven track record of paying claims in fair and prompt manners.
Established weather insurance companies and insurance brokers through experience, automation, and personal consultation, make it easy to obtain comprehensive customized solutions to suit the buyer’s needs.
The capacity for A rated Carriers reaches the tens of millions. These available limits can address just about any insurable interest.