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K&K Insurance Offers New Event Cancellation Program

National News • May 28, 2008
K&K Insurance Group Inc., based in Fort Wayne, Ind., launched a new insurance program through Lloyd's designed specifically to protect event organizers, promoters or sponsors against cancellation, ...

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Subject: RE: What about this one?

Posted On: May 28, 2008, 6:08 pm CDT
Posted By: Aaron M. Ma
Comment:
That peril is a standard exclusion on a Lloyd's (and I believe other carriers') policy. The exclusionary text reads (on Lloyd's NMA 2743):

7.22.1. withdrawal, insufficienty or lack of finance howsoever caused,

7.22.2 the financial failure of any venture,

7.22.3 lack of or inadequate receipts, sales or profits of any venture,

7.22.4 variations in the rate of exchange, rate of interest or stability of any currency,

7.22.5 financial default, insolvency or failure to pay of any person, corporation or entity,

all (7.22.1 to 7.22.5) whether a party to this Insurance or otherwise.

I believe 7.22.3 contains the exclusionary wording for your particular scenario.
Subject Posted By Posted On
RE: RE: What about this one? Mike
May 29, 2008, 9:46 am
RE: What about this one? Aaron M. Ma
May 28, 2008, 6:08 pm
What about this one? My 2 Cents
May 28, 2008, 1:40 pm
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