Stuff happens. When it does, meeting attendees who can no longer attend an event for which they registered naturally request a refund. Meeting organizers who deny such requests risk hurting their reputation for good service. Those who grant them, however, hurt their bottom line. It's a lose-lose situation.
That is, unless you have insurance that covers your loss -- which meeting organizers can now purchase thanks to a new insurance product launched today by event cancellation insurer Beazley in partnership with Rainprotection Insurance. The new product, called "Inability to Attend" insurance, protects meeting and event organizers against the administrative burden and associated fees of processing ticket refunds to attendees who are no longer able to attend due to reasons outside their control, such as illness, travel issues, or a death in the family.
"It is inevitable that some people may not be able to attend events due to reasons beyond their control. Inability to Attend not only allows event organizers to reimburse these attendee registration costs, but also takes away the headache of managing refunds," said Christian Phillips, head of Beazley's U.S. Contingency team.
The coverage -- which only applies to events that are not otherwise cancelled or delayed -- can be incorporated into registration fees at no additional cost to the meeting organizer, according to Beazley.
Concluded Rob Weber, CEO of Rainprotection Insurance, "With Inability to Attend insurance, event organizers can protect and enhance their brand image, while retaining their registration revenue and eliminating time-consuming administrative tasks."
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