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Yes, that was the general argument for why it's hard/expensive to insure a festival. But all the problems with Fyre festival were the fault of those who organiz

• shagie 9y ago
  And the insurers saw how wrong it can go and how much the payouts for such could be. This then was fed back into the risk / premium calculation equations and have kicked out a new, higher number for festivals that lack a history (and even those that do have a history, as the risk has gone up too). Furthermore, as insurers tend to spread the cost around (the festivals with a good history, and the festivals with little or no history), the festivals with a good history will pick up a bit of additional cost for insurance to make sure that insurers have enough to be able to cover possible losses.
  • ccrush 9y ago
    There's the other side to the coin too. Now, a bunch of con men saw how easy it is to swindle a bunch of idiots for thousands or tens of thousands of dollars and even get them to fly to a remote island before making away with the money. This will attract some bad characters and that's why it's time to ship out a piece like this. It's a hit piece to highlight the punishment and tightening controls to keep the con men at bay from trying the same thing. Smart.