The organizer of the Rolling Stone's two April concerts in China has got a casualty insurance claim of 2.5 million yuan (US$300,000) to cover its losses for the obligatory official cancellation of the concerts due to fears for SARS outbreak.
The organizer, Beijing Time New Century Entertainment (BTNCE), became the first beneficiary of casualty insurance policies in China with regards to SARS compensations.
Unaware of any signs of the coming SARS, BTNCE signed a contract with the People's Insurance (Property) for casualty policy for Rolling Stone's two concerts, April 1 in Shanghai and April 4 in Beijing, Chen Jixin, head of the company said.
The high value policy ensured a compensation to the company for any kinds of casualties on properties and interests that add up to a ceiling of 4.15 million yuan.
After the evaluation by appraisal agencies, it got an indemnity of 2.5 million yuan in the end.
(Eastday.com August 15, 2003)
