Planning a pickleball tournament is tough. It takes a lot of coordination and planning, and it can be a big money maker for your pickleball club. Big tournaments can also bring the eyes of the community to you, encouraging new players to pick up a paddle.
But what happens if you have everything set up: players are pumped, fans are excited, your staff is ready to go…and it starts pouring? There goes all that planning – and all that revenue. Not to mention all the disappointed players. I mean, sure you can probably rework the schedule and move some matches inside, but if you have any outdoor courts, you’re sure to lose some games and will have to issue some refunds. And don’t forget the lost revenue from food and drink if fewer teams are playing and fewer friends are spectating.
A rained-out tournament can cost your club plenty, but it doesn’t have to be that way. You don’t have to let the weather rain on your parade (or your revenue). You can actually enjoy peace of mind during tournament weekend, and maybe even enjoy the rain if it comes. How, you ask? With parametric weather insurance!
What is Parametric Weather Insurance?
Glad you asked! “Parametric” simply means “based on an index.” So, parametric weather insurance is data-based insurance that pays out when a policy is triggered by the selected weather peril. Whether it’s hot or cold temperatures, rainfall, hail, snowfall, or even major hurricanes, there’s a policy for that.
For rain, if a pre-selected amount (threshold) of recorded rainfall is met or exceeded during your risk period, you get paid. And the best part? These policies are fully customizable. You can insure only the most critical hours of your tournament; you don’t have to cover the entire event. Plus, you can choose to insure just the revenue that matters most to you, like ticket or concession sales. There is no need to insure the full value of the event.
For example, let’s say your tournament lasts 5 days, but only the weekend afternoons are the most important in terms of at-risk revenue. You can choose to insure ONLY those weekend afternoon hours, for example, Saturday and Sunday from 1 – 5 pm both days. And let’s set the limit to $10,000 per day, so $20,000 aggregate for both days. Finally, suppose you selected a rainfall threshold of .25” for your policy. If the recorded rainfall at your location during the hours of 1-5 pm on Saturday meets or exceeds .25”, your policy triggers and we pay you a claim of $10,000. If the same thing happens on Sunday, we will pay you a total of $20,000.
Is This Cancellation Insurance?
Nope! With weather insurance, cancellation is not required for your policy to trigger. If the recorded rainfall meets or exceeds your policy threshold during the risk period, you get paid. No cancellation required. No proof of loss needed. No adjustor will come knocking. No deductible to pay. It’s the simplest insurance you’ll ever buy.
Who Determines the “Recorded Rainfall” Amount?
We rely on independent, third-party, public data from the National Oceanic Atmospheric Administration (NOAA). They use hyperlocal technology to ensure accuracy down to a 2.5 x 2.5-mile grid box around your location. So, you can trust the data is spot on.
How Much Paperwork is Involved with Filing a Claim?
None. Zero. Zilch. Once the final rainfall data is available (usually 7-10 days after your event), your policy triggers automatically. We’ll alert our carrier, and they’ll get your check in the mail. Most of our clients receive their claim payments in about two weeks.
This Sounds Ridiculously Simple. What’s the Catch?
It is simple. Parametric insurance doesn’t work like traditional insurance, so you have to forget everything you think you know about insurance. (Maybe that’s the catch?) We’ve made it ridiculously easy to get a quote for your event. Just give us a call or visit our homepage to see an estimate.
Not Ready to Purchase on Your Own?
No worries! At Vortex Weather Insurance, we love working with local agents and brokers. If you don’t have an agent, give us a call. Eric and Andy are ready to help you find the best options for your tournaments. The sport is growing exponentially in popularity, and we love it (almost) as much as you do!
So don’t let the rain ruin your next big tournament. Check out parametric weather insurance and enjoy every tourney weekend – without worrying about the weather.
