DeWitt Stern Announces Super Bowl XLVIII Cancellation Policy For New York, New Jersey Business Community
NEW YORK, May 6, 2013 /PRNewswire/ — DeWitt Stern, the New York City based insurance broker specializing in entertainment and sports, today announced that it is offering a unique policy insuring businesses against loss of revenue they would incur if Super Bowl XLVIII, to be played on February 2, 2014 at New Jersey’s Met Life Stadium, is cancelled or moved out of the tri-state area. This game is the first Super Bowl to be held in an open air stadium in a northeastern cold weather state in its 48 year history. Previous Super Bowls have always been held either in warm weather climates or domed stadiums.
The coverage DeWitt Stern designed provides the broadest business interruption policy available. It covers policyholders, if for any reason, such as an extreme winter storm, or due to acts of terrorism in New York or elsewhere in the country, Super Bowl XLVIII is cancelled or relocated. Clients can protect their revenue even if their revenue figures are only projections. Typically, estimates of revenue are not insurable unless they are proven and there is a long revenue track record. The policy is unique in this way.
“A Super Bowl generates more than $150 million for businesses in and around the host city,” said DeWitt Stern Managing Director LeConte Moore. “Major American sports organizations and television networks always buy business interruption insurance to protect against losses in the event that something, God forbid, happens. This policy is available for any businesses countrywide that stands to benefit economically from the Super Bowl coming to the NY -NJ area.”
DeWitt Stern began designing this coverage after the power went out at the Superdome in New Orleans, followed by the New York Marathon cancelling due to Hurricane Sandy.
SOURCE DeWitt Stern