Definition - What does Rain Insurance mean?
Rain insurance is a policy that covers financial loss caused by the cancellation of an outdoor event due to rain. This insurance is purchased by organizers of events such as weddings and concerts.
Insuranceopedia explains Rain Insurance
Event organizers or promoters purchase this insurance in case rain disrupts or cancels a wedding, concert, parade, or any similar event they have a stake in. Even if the event isn't cancelled, the insurance can still cover some of the risks associated with the weather. Transferring the event indoors, for instance, can be expensive and rain coverage might be able to compensate for some of the costs.
Usually, the insurer will investigate to determine the amount of rainfall and the time that it happened before approving a claim.
Rain insurance can sometimes be a part of a more inclusive weather insurance policy that covers weather-related interruptions in general.
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