Happy to have paid your premiums
Like the old saying goes: It’s better to have it and not need it, than need it and not have it. That might sound self-serving to those of us in the insurance business, but if you’re asking the people who organize the Wimbledon tennis tournament, they likely have a much different outlook this year.
Begun in 1877, the annual Wimbledon tennis tournament has only ever experienced two gaps in it’s 143 history – 1915-18 and 1940-45. This year’s cancellation is the first since the end of WWII. But Wimbledon’s organizers have been paying roughly $2,575,000 a year since 2003 for pandemic cancellation coverage – 17 years.
Prior to 2020, that may have seemed to some like an unnecessary and overly-cautious expense. But with the cancellation of this year’s tournament, the organizers will now receive a payout of approximately $199.5 million. So today, that $2,575,000 seems like the best investment they ever made.
Covid-19, and the Wimbledon payout, may change the landscape of event cancellation coverage going forward, but it illustrates an important point. Nobody buys a home insurance policy with the expectation their house “will” burn down, but should it ever happen, having the proper policy in place with appropriate coverage will make it one of the best investments of your life.
At DPM Insurance Group, our brokers and CSR staff are here to ensure you have adequate protection for those things in your life that you want to protect in case of a catastrophic loss. Watching your destroyed vehicle being towed away from an accident scene or looking on in a daze while firefighters battle a blaze consuming your home and all its possessions is not the time to be second-guessing your insurance coverage.
Every person employed in the insurance industry pays for insurance too, and we’re no happier than anyone else when it comes time to cut the annual premium cheque. But what we do also provides us with constant reminders of why maintaining adequate insurance coverage to protect our investments is the most prudent thing to do.
If you want to make sure you’re adequately protected, contact one of the six DPM Insurance Group offices today for a no obligation policy review and quote. We weren’t the ones protecting the folks at Wimbledon, but we can be the ones to protect you. Your security – our responsibility.