$1,000 Grand Prize: Mitigating Risks to Vulnerable Populations

Public Event Cancellation Insurance for Individuals and Small Parties

Last Edited by Alain

1 Product Name: Public Event Cancellation Insurance for Individuals and Small Parties
2 Populations it would protect: All populations benefit, but but the lower income people are most vulnerable so this will help them the most.
3 Impacts this product / service will protect against: Help cover expenses if a public event — such as a concert, NFL game or concerts, festivals, plays and sporting events — unexpectedly needs to be canceled or postponed due to certain circumstances beyond your control, such as adverse weather, damaged venue, or missing participants.
4 Trigger event that would result in a claim: Event host cancelation or rescheduling.
5 Scope and nature of the insurance response: Provides valuable coverage for lost expenses incurred from a delay or cancellation of an event such as a concert, festival, sporting event, conference or convention. The policy would provide up to $15,000 to cover cost of tickets.
6 Why this would be a compelling product: Individuals and small parties can rest assured knowing they are covered for an unexpected circumstance that interrupts their event. Public events are popular but can be expensive. The average league ticket prices are $35 for MLB, $50 for NBA, $100 for NFL, $100 for Daytona 500, $168 for SEC college football and $3700 for the cheapest Super Bowl ticket. Families spend hundreds, sometimes thousands, to attend events but would gladly buy insurance to cover their expenses. From the insurer's perspective less than 1% of events would involve claims for payment.
7 Product could be sold directly to target communities via an app and online. Product could also be provided as an employee benefit through employers who send employees to events.


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Idea No. 2184