- Jun 13, 2014
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http://www.insurancejournal.com/news/southeast/2014/09/15/340449.htm
The University of Florida’s Athletic Department is scheduled to collect $1.8 million under a Lloyd’s of London insurance policy that covers the loss of ticket revenue in the event a home game is cancelled.
The University of Florida Gators were scheduled to play the University of Idaho Vandals on August 30 in what was to be the Gators season home owner in Gainesville.
Heavy rains and lightning initially pushed back the starting time from 7:00 p.m. to around 10:00 p.m. when Idaho finally was able to kick off to the Gators. However, before another play could be called, lightning once again forced a suspension in play. UF and Idaho officials eventually agreed to cancel the game.
Although both universities could have potentially played the game during a bye-week on October 25, officials from both schools decided not to.
Idaho officials said it could not reschedule due to the logistics of having to travel and because doing so would force their football team to play nine games in a row. Florida officials said that playing October 25 created a conflict with exam week, which they would not do.
UF Athletic Director Jeremy Foley told reporters that the university has had an insurance policy in place for decades to cover loss ticket revenue in situations like the one with Idaho.
Foley said that before each home game the university provides the insurer with an estimate of any potential losses.
For the Idaho game, UF had collected $1.8 million in ticket sales including from the some 40,000 fans that actually attended the game. The university is currently refunding those and other ticket holders.
The University of Florida’s Athletic Department is scheduled to collect $1.8 million under a Lloyd’s of London insurance policy that covers the loss of ticket revenue in the event a home game is cancelled.
The University of Florida Gators were scheduled to play the University of Idaho Vandals on August 30 in what was to be the Gators season home owner in Gainesville.
Heavy rains and lightning initially pushed back the starting time from 7:00 p.m. to around 10:00 p.m. when Idaho finally was able to kick off to the Gators. However, before another play could be called, lightning once again forced a suspension in play. UF and Idaho officials eventually agreed to cancel the game.
Although both universities could have potentially played the game during a bye-week on October 25, officials from both schools decided not to.
Idaho officials said it could not reschedule due to the logistics of having to travel and because doing so would force their football team to play nine games in a row. Florida officials said that playing October 25 created a conflict with exam week, which they would not do.
UF Athletic Director Jeremy Foley told reporters that the university has had an insurance policy in place for decades to cover loss ticket revenue in situations like the one with Idaho.
Foley said that before each home game the university provides the insurer with an estimate of any potential losses.
For the Idaho game, UF had collected $1.8 million in ticket sales including from the some 40,000 fans that actually attended the game. The university is currently refunding those and other ticket holders.
