Super Bowl has it covered when it comes to weather

Seattle Seahawks running back Marshawn Lynch (C) walks off the field at the MetLife Stadium during their NFL Super Bowl XLVIII walk-through in East Rutherford, New Jersey. Credit: Reuters
Seattle Seahawks running back Marshawn Lynch (C) walks off the field at the MetLife Stadium during their NFL Super Bowl XLVIII walk-through in East Rutherford, New Jersey.
Credit: Reuters

You might not be able to beat Mother Nature but you can try to protect yourself from her and the NFL made sure all bets were covered when it came to Sunday’s Super Bowl between the Denver Broncos and Seattle Seahawks.

The forecast for the league’s showcase game has improved dramatically to the point where weather is not expected to be an issue when the teams take the field at MetLife Stadium with temperatures hovering just above freezing and only a slight chance of precipitation.

But the threat of a monster blizzard or a teeth-chattering Arctic vortex disrupting the Super Bowl party was enough for the NFL to take out what experts estimate to be a multi-million insurance policy.

The league confirmed to Reuters only that it has interruption insurance for all games but according to Steven Perlini, a vice president for HCC Specialty Underwriters, Inc. which has insured most of the world’s major sporting events, coverage is far more extensive and took in every possibility.

“I am familiar with it to some degree,” Perlini told Reuters. “This coverage is called event cancellation insurance but it is really much more than that, in reality it covers a lot more than the event being cancelled.

“If the event is interrupted and starts back up, but they suffer a financial loss from it, that is covered. If they have to reschedule, relocate to a different venue, that’s covered. There are all sorts of different scenarios that are covered.

“There are a few exclusions in the policies but, outside of that, anything that is beyond the control of the event organizer is going to be covered.”

With New York/New Jersey staging the first cold weather Super Bowl, the NFL had a number of contingency plans in place, including moving the big game to Saturday or Monday, should the area get slammed by a winter storm.

RANGE OF THREATS

Any policy also likely includes a wide spread of threats ranging from terrorist attacks to power failures, Perlini said.

“Regardless of whether it is the Super Bowl, the Kentucky Derby, the Masters or a European football game, you are going to look at major things,” explained Perlini.

“You always want to envision what scenarios could take place, what problems you could have for that particular event.

“There is a difference between an event in New York like a Super Bowl, where you have big weather or snow exposure, versus an event like the Breeders Cup out in southern California where you have an earthquake and wild fire exposure, versus a trade show or concert in Europe that could be affected if say the volcano in Iceland goes off again.

“In today’s world, the threat of terrorism must also be taken into account.”

Certainly, for a game where a 30-second television commercial can cost $4 million and tickets have a face value of up to $2,500, the potential for losses is staggering.

Also to be considered is that various groups have pegged the economic impact of the Super Bowl on the New Jersey region at between $500 and $600 million.

In the secretive world of insurance underwriting Perlini would not reveal whether his company has ever provided Super Bowl coverage, confirming only that they have underwritten most of the world’s major sporting events at one time or another.

The standard rate for under-writing one of the world’s big events, according to Perlini, can range from 0.5 to 1.5 percent of the amount being covered.

“The bigger ones are the FIFA World Cup, the Olympics, the Super Bowl,” said Perlini. “Some of these events will buy insurance to protect one source or revenue like their television contracts.

“Some will buy just to protect ticket revenues, some will buy to protect sponsorship revenues.

“At the Olympics, for example, the organizers are going to have a lot of exposure and that exposure might be different than the International Olympic Committee. But there are not many bigger events than the Super Bowl.”



News
Entertainment
Sports
Lifestyle
Local

Police seek man accidentally released a year early…

Cops are keeping an eye out for a Bronx man who was reportedly let out of Rikers Island a year before his released date.

National

Pioneers for domestic violence push on

Reporter was commissioned to write this in-depth article. Two decades have passed since the O.J. Simpson trial captivated the country. But in the 20 years…

Local

Newest java joint in bastion of hipness is…

Little may represent the change the neighborhood is undergoing right now like the arrival of the first Starbucks. The chain which is ubiquitous in Manhattan, opened a Williamsburg store at…

National

Black and white are the new orange at…

By Brendan O'Brien(Reuters) - Black and white are the new orange in a Michigan county where the sheriff has made a wardrobe change for jail…

Music

Avey Tare's Slasher Flicks more accessible than Animal…

Believe it or not, Avey Tare — the man in the mustachioed mask pictured here in the pool of blood — may have made the poppiest music of his career.

Entertainment

‘The Leftovers’ recap: Season 1, Episode 4, ‘B.J.…

Last week’s episode of “The Leftovers” was apparently a fluke, because this week’s episode returns to focusing on the Garveys and it is so boring.…

Movies

Interview: Luc Besson says 'Lucy' is very different…

Filmmaker Luc Besson talks about his new film "Lucy," how it's different than "Limitless" and his crazy first conversation with Egyptian actor Amr Waked.

Music

Weezer releases first new song since 2010

Weezer releases "Back to the Shack," their first new song in almost six years.

NFL

'Vicktory dogs' travel road to rehabilitation seven years…

Of the dozens of dogs groomed by Bad Newz Kennels, 48 were rescued and 22 of the pit bull terriers have emerged at Best Friends Animal Society.

MLB

Yankees looking at trade for Cliff Lee, according…

Yankees looking at trade for Cliff Lee, according to report

NFL

Giants lineman Chris Snee to retire: Reports

The Giants report to training camp on Tuesday, but Chris Snee may not be there when they do.

NBA

Carmelo Anthony talks about his charity work in…

As he is used to doing every year, NBA All-Star Carmelo Anthony is going to visit Puerto Rico to do work for his foundation.

Tech

RocketSkates let users roll with a motor

Los Angeles company Acton has raised funds on Kickstarter to roll out a nifty alternative – motor-powered "RocketSkates."

Tech

Knicks star Carmelo Anthony becomes a tech entrepreneur

He's been an All-Star, an Olympian, and a celebrity spokesperson. Now NBA player Carmelo Anthony is adding the position "tech entrepreneur" to his resume. Along…

Tech

Ulises 1 is the world's first singing satellite

A group of artists and engineers in Mexico have unveiled Ulises 1, the world's first opera-singing satellite.

Home

Wallscape on a budget

Skip the wallpaper and ombre an accent wall instead.