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What's the long term effect of all these short term event cancellations?

wash11

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Sales/manufacturing trade shows, concerts etc., what does it take for you guys to rebound from the short term loss of revenue once everyone forgets about this virus? It's hard to wrap your head around how deep it goes once you add in distribution issues and the tourism/travel industry hits.
 

Mandelon

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The cancelled conventions and concerts will cost local economies millions. From hotels and restaurants, to their suppliers on up the chain.. and back down to waiters, bussers and restaurant owners.
 

cakemoto

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Sea otter up in the Laguna Seca raceway just one of the biggest mountain biking event in America and they canceled it
 

PlumLoco

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We have been watching and waiting for airfares to drop for a trip to upstate New York in June. So far nothing much has changed, but I have to believe that those prices have to tumble between the flu virus and the Saudi disruption of the oil market.
 

River Runnin

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Don't forget medical & LEO! .... STD's, Herpies simplex 12 outbreaks, Drunks, Druggies, Bangers and general criminal shit! :rolleyes:
 

Singleton

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Huge on the local economy
Small business that depend on that tourist revenue will be hurting
 

lebel409

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Our symphony concert for Sunday was just cancelled, our host school,"in an abundence of caution", cancelled all public gatherings. When all these people get used to telecommuting, online teaching, remote church services, etc, it will become the norm. Given the option, most people would rather telecommute and this may be the push that makes it happen.

Virtual trip to the river anyone?
 

LargeOrangeFont

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Our symphony concert for Sunday was just cancelled, our host school,"in an abundence of caution", cancelled all public gatherings. When all these people get used to telecommuting, online teaching, remote church services, etc, it will become the norm. Given the option, most people would rather telecommute and this may be the push that makes it happen.

Virtual trip to the river anyone?
You have it backwards.. I’ll take the physical trip to the river, and virtualize work :)

Agree this is going to push telecommuting, and this is going to be the default response going forward when we have the next virus that will wipe out the world in another couple years :)
 

wash11

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Interesting way to look at it. Can the current infrastructure handle the increased internet traffic? Or is that the next hurdle?
 

Advantage 1

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I have seen traffic becoming lighter already. Driving from OC to SD. The last week [and Mon & Tues] seemed a bit less congested. More folks are just staying home and working. I will be later this week. So.... I won't be stopping for gas or eating out for lunch. Same goes for all the people working from home. People won't be stopping for coffee, cigs and other 'normal' commuter purchases.

Went out to BJ's in Rancho Santa Margarita Saturday night around 8p. Usually the place is packed, but only a had a few folks in the restaurant and the bar was damn near empty.
 

batterup

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I've been sharing this article with my clients who might be affected. I think places like Roc's and other local business where large events are being cancelled might be able to make a contingent business interruption claim. However, only time will tell if coverage is denied or accepted.
Insurance Coverage for Losses Stemming from the Coronavirus

The coronavirus has not only sickened tens of thousands of people, killed several hundred, and disrupted life for millions, but has also sharply impacted the second-largest economy in the world. Many Chinese companies have suspended operations, and international companies like Starbucks, Apple, McDonald’s, KFC, and Pizza Hut have closed their stores in Wuhan and elsewhere. Disney has closed its parks in Shanghai and Hong Kong. Luxury brands have seen their stocks fall. Tesla and other companies have suspended operations. Companies that do not have operations in the geographic areas that are most acutely affected by the outbreak but depend on businesses in those areas as part of their supply chain are also impacted.
Businesses should evaluate whether and how their operations and revenue may be affected by the coronavirus and then closely analyze whether existing insurance policies potentially provide coverage for the losses.

Business Interruption & Contingent Business Interruption Coverage
Standard property insurance policies usually include two types of valuable coverage for disruptions like the coronavirus. Business interruption coverage insures against losses resulting when the policyholder’s operations are directly affected; and contingent business interruption coverage insures against the risk of indirect losses, such as when suppliers or customers are affected.
Policyholders may be questioning whether their property insurance policies have been triggered if there has not been physical damage to their property as a consequence of the coronavirus.
Coverage for business interruption losses may exist even if there is not physical loss or damage to covered property.
In most property insurance policies, business interruption coverage is triggered when the property at issue suffers “direct physical loss or damage.” Structural damage to the property, however, is not a requirement for coverage; proof that contamination or other relatively intangible conditions like bacteria, gases, and fumes that “rendered the insured property temporarily or permanently unusable or uninhabitable may support a finding that the loss was a physical loss to the insured property.” Mellin v. Northern Sec. Ins. Co., 115 A.3d 799, 805 (N.H. 2015); see also Gregory Packaging, Inc. v. Travelers Prop. Cas. Co. of Am., 2014 U.S. Dist. LEXIS 165232, at *15-17 (D.N.J. Nov. 25, 2014) (“courts considering non-structural property damage claims have found that buildings rendered uninhabitable by dangerous gases or bacteria suffered direct physical loss or damage”).
Additionally, many insurance policies include civil authority coverage, which covers losses that occur when government authorities restrict access to the area where a business is located or that the business depends on for its operations.

Many property insurance policies also provide contingent business interruption coverage, triggered by damage to or disruption of a business’s suppliers, customers, or other key partners. While the policyholder itself need not be physically damaged, it does need to have coverage for the type of damage that affected its suppliers, business partners, or customers.

Commercial General Liability, Directors & Officers, and Errors & Omissions Coverage
While business interruption claims may, at first blush, seem the most likely to follow from the coronavirus outbreak, depending upon the claims that are asserted, insurance coverage may exist under commercial general liability, D&O, and E&O insurance coverage. Commercial general liability insurance coverage provides a defense to claims asserted by third parties for bodily injury or property damage. With some companies experiencing a drop in share price, shareholder suits and others may follow. Those claims may trigger coverage under D&O and E&O insurance policies. People who are being quarantined on cruise ships or by other private entities might have claims about how they are being treated.

Workers Compensation
Workers compensation insurance policies generally cover occupational diseases and injuries, i.e., those that: (1) are due to causes and conditions that are characteristic of and peculiar to a particular trade, occupation, or employment; and (2) are not an ordinary disease to which the general public is equally exposed outside of employment.
There are, however, instances in which “ordinary diseases” may be covered if it is possible to establish a direct connection between the workplace and the circumstances through which the disease was contracted. For example, if an illness is triggered by an event at the workplace and directly flows from the work that is being performed, it may be argued that the resulting disease has been the result of an accident causing bodily injury. The coronavirus is spread by respiratory droplets and is so highly contagious that health care workers are wearing full hazmat suits while treating those infected. Accordingly, if it is determined that an employee contracted the virus at work, it is quite likely that workers compensation insurance would respond to the injury. Of course, in such a situation, the business’s primary concern would be protection of its employees and the public from any other contraction of the disease, with insurance issues to be resolved in due course.
It is important for policyholders to consider all potentially applicable insurance policies when evaluating coverage for coronavirus- related claims and losses. Consulting with an insurance broker and trusted insurance experts can put policyholders in the strongest position to maximize their insurance recovery in the event of a loss or claim resulting from the coronavirus.
 

28Eliminator

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They cancelled the BNP Paribas here in Indian Wells the day before it started.. they’re claiming a 350 milllion dollar hit to the local economy.. it’s all insane


Sent from my iPhone using Tapatalk
 

H20 Toie

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This week has been hard on us. few shows cancelled so that means over half a million of confirmed income is just gone. going to be hard to make that up.
also means a bunch of techs are not working.
Thankfully we do mostly tv and movies which hasn't had a hit as of yet but the convention biz and things like SXSW going away is going to make it rough
We just took over another building. bought a bunch more gear so overhead is up. plus just took on more staff.
yeah i'm not going to stress over this much :(
 

YumaRivernaut

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Quite simply, to tank the world economy and destroy the nationalist/populist movements springing around the globe in general and get rid of the Trump administration in particular IMO. Getting rid of some "useless eaters"* along the way is good with the powers that shouldn't be as well.

"It's the economy, stupid”.
-Clinton advisor, James Carville 1992-

*Quote courtesy of psychotic globalist Malthusian and war criminal Henry Kissinger.
 

brgrcru

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most of our events for march are still on , but april is looking bleak.
as the e-mails and phone calls, have all but stopped, for party bookings.
at one center, we usually have 40--50 events a month . I have 12 in the book for April.
 

Clearmax

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I'm probably going to lose about 10k this month because of the virus. Three of the factories we import from are just now getting back to work with limited workers in China. It is not looking good for anyone who imports from China.
 

batterup

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I'm probably going to lose about 10k this month because of the virus. Three of the factories we import from are just now getting back to work with limited workers in China. It is not looking good for anyone who imports from China.
Check your property policy. You should have coverage. This type of loss is pretty straight forward.
 

LargeOrangeFont

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I'm probably going to lose about 10k this month because of the virus. Three of the factories we import from are just now getting back to work with limited workers in China. It is not looking good for anyone who imports from China.
Follow up question and this may be too soon to even answer - Do you think that that money is truly "lost"? Did someone just buy a competitive product that was in stock, or are you seeing pent up demand that will recoup the loss?
 

TPC

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We've been watching Disney Cruise prices as the ships sell out and prices even went up. Publicity isn't hurting them one bit.
Now having noticed that,,,,, let's see how the cancilations go when the sailing dates come.
 

Clearmax

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Follow up question and this may be too soon to even answer - Do you think that that money is truly "lost"? Did someone just buy a competitive product that was in stock, or are you seeing pent up demand that will recoup the loss?
Good question, Basically I'm just sitting in my warehouse right now with nothing to sell until we get a shipment. The money lost for now is our overhead. I do have a 1000pc n95 masks coming in next week so hopefully I will get something back from the virus panic.
 

84miller

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We have been watching and waiting for airfares to drop for a trip to upstate New York in June. So far nothing much has changed, but I have to believe that those prices have to tumble between the flu virus and the Saudi disruption of the oil market.
I read years ago that air carriers purchase their fuel by contact a year in advance at a negotiated price, meaning gas pricing does not effect ticket cost. Not sure if that holds true today. Just an fyi regarding the oil market. Now the virus and lack of passengers could result in a good deal so if you maybe look at a "off" schedule non-popular flight time it could work in your benefit.
 

LargeOrangeFont

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Good question, Basically I'm just sitting in my warehouse right now with nothing to sell until we get a shipment. The money lost for now is our overhead. I do have a 1000pc n95 masks coming in next week so hopefully I will get something back from the virus panic.

Thanks for your insight.
 
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