Tornado damage can prevent teams from playing in certain stadiums and arenas for weeks, costing owners millions at a time when they need to make expensive repairs. To make matters worse, many factors can complicate wind damage claims for sports arenas, making it difficult for owners to secure coverage. Attorney Bill Voss examines which property damage insurance options are essential for owners of sporting venues and fields, including which policy endorsements can provide the most help after a tornado strikes.
3 Insurance Options Vital for Tornado Recovery in Sports Arenas
From baseball fields and golf courses to indoor hockey rinks and football stadiums, every sporting arena has its own risks of property damage due to foul weather. While a basic commercial property insurance policy will provide compensation for damage to the main structure and grounds, failure to purchase specialized coverage can leave owners paying full replacement out-of-pocket for high-value losses.
Owners should carefully consider tornado damage coverage that will pay for the full costs of:
- Seasonal business insurance. The inability to host games can mean millions of dollars lost in ticket sales, concessions, and other revenue. Seasonal and special events coverage can pay for losses sustained in the regular season, such as all revenue gained by hosting home and away games. It can also pay for losses if damage prevents you from hosting a special event, such as an annual tournament, charity fundraiser, team championship, or other major event. Seasonal insurance is vital for fields or open-air stadiums that can take months to recover from tornado damage, and those that must be restored in a way that is compliant with your organization’s regulations.
- Sports equipment. Sporting equipment goes far beyond pads and helmets. Both local and national teams rely on high-value equipment for regular game play, including lighting for night games, regulation goal posts and court surfaces, digital scoreboards and billboards, and other expensive items that all meet organizational requirements.
- Business income insurance. Business income insurance, also called business interruption insurance, pays to replace lost profits for six months or longer after a covered loss. This allows owners to continue paying for the daily costs of business (including mortgages and employee payroll) and may also provide payment to rent alternative vehicles or nearby venues for training.
If you need help with your tornado damage insurance claim, we can work to get you full and fair payment to make repairs and reopen your doors. Please contact the Voss Law Firm at 888-991-3212 or simply fill out the form on this page today to get answers to your questions.