K&K Insurance Offers New Event Cancellation Program May 28, 2008 Email This Subscribe to Newsletter Email to a friend Facebook Tweet LinkedIn Print Article Article 3 Comments May 28, 2008 at 1:40 am My 2 Cents says: Like or Dislike: 0 0I had an insured who bought cancellation insurance for a rodeo. The event had poor attendance due to a Kenny Chesney concert scheduled at the same time. Our insured wanted to collect. I wonder if this would have covered him… Reply May 28, 2008 at 6:08 am Aaron M. Ma says: Like or Dislike: 0 0That 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. Reply May 29, 2008 at 9:46 am Mike says: Like or Dislike: 0 0Every policy has a standard Kenny Chesney exclusion. Reply Add a Comment Cancel reply Your email address will not be published. Required fields are marked * Name * Email * Comment ΔNotify me of comments via e-mail
I had an insured who bought cancellation insurance for a rodeo. The event had poor attendance due to a Kenny Chesney concert scheduled at the same time. Our insured wanted to collect. I wonder if this would have covered him…
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.
Every policy has a standard Kenny Chesney exclusion.