As the disease continues to stoke widespread fears, cancellations of major summer events may result in huge payouts from insurance companies.
“For coronavirus -- if not specifically excluded and they do have the potential for a claim -- the fear that people might contract the coronavirus is not sufficient. The threshold in the policy is the event is ‘necessarily’ canceled
, ‘necessarily’ implies that there is a benchmark of severity that leaves you no choice, or prevents you from doing the show -- as opposed to a voluntary decision to avoid exposure,” says Roger Sandau, managing principal at Integro Sports & Entertainment insurance.
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