|
Snowstorms, temperatures soaring to excessive highs, flash floods,
even the far-reaching effects of terrorist attacks on the other
side of the country. These are the types of unpredictable "occurrences"
that can take a big bite out of your annual fair or covered interim
event's revenue, unless you're covered by the Revenue Protection
Program.
This Program, administered by California Fair Services Authority
(CFSA), is designed to reimburse participating fairs for certain
revenue interruption losses. Protection can be purchased for annual
fairs as well as interim events and extra expenses resulting from
a covered occurrence.
In 2010, the program's fee schedule was changed to reflect increased risk exposure stemming from changes in annual fair dates. At this time, 14 fairs had either changed or were considering plans to change the dates of their annual fair. (Date changes add risk because there's little or no revenue history to compare against when calculating lost revenue.)
The new fee structure also takes into consideration the risks associated with the length of an event - lower fees are assessed for fairs with fewer days, and higher fees for events that run through multiple weekends. The new fee schedule was mailed to all fairs in November 2010.
The "Memorandum Describing the Revenue Protection
Program Administered by the California Fair Services Authority"
should be used to determine the actual protections, maximum limits,
conditions, limitations and definitions for the Program. You'll
find a copy of the memorandum online along with the program's Summary of Protection. You'll also find copies in your fair's Red Book (Claims
and Loss Reporting Guide).
Note: To access the online copy you need Adobe Acrobat Reader on your computer. If you don't already have it, download it for free from the Adobe Web site: www.adobe.com/products/acrobat/readstep2.html.
Program fees are based on the limit of Protection desired, with
limits available from $50,000 to $500,000 for events with a three-year
history. Protection may also be purchased for events with one or
two years of revenue history for a higher fee and reduced limits
of protection.
For more information about this Program, please contact Charlie Mitchell.
|
