Media Coverage
Source: Houston Business Journal
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
03.13.20
HOUSTON — More than a week after the first case of COVID-19 was reported in greater Houston, Bayou City businesses have seen hundreds of millions of dollars evaporate as civic leaders and executives scramble to respond to the coronavirus outbreak, the Houston Business Journal reported.
The biggest bombshell came March 11, when Houston officials announced that all city-sponsored public events, including the annual Houston Livestock Show and Rodeo, would be delayed and possibly canceled. The announcement came just days after health officials in Austin canceled the annual South by Southwest event, which brings attendees to Texas from all over the world.
Event venues are already factoring in thousands of dollars in lost revenue. Additionally, planners worry they might get stuck eating the costs of low-attendance or canceled events.
“It’s not uncommon for business organizations to purchase event cancellation insurance,” said Tamara Bruno, a Pillsbury Insurance Recovery & Advisory partner based in Houston. “However, as media reports about the COVID-19 outbreak gain momentum, more and more insurers are adding COVID-19 coronavirus exclusions to event cancellation policies. Others have started to assess huge surcharges for adding COVID-19 to the list of covered reasons for cancellation.”
“If you purchased a policy well before the coronavirus story took off, you might be covered for a coronavirus-related cancellation,” Bruno concluded. “But those who purchased coverage more recently might just be out of luck. "