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Insurance from Public Entities





 

1. The high cost … liability insurance has hindered many cities when it comes to staging special events. 2. Some, … an effort to escape the exorbitant premiums, have opted … self-insurance. 3. They stage the event, insure … it themselves, and provide the funding if there is a suit. 4. The city may escape high premiums, but, … several instances, cities have found themselves … sufficient funds to cover suits. 5. If a promoter/manager represents a city … an event that utilizes self-insurance, it would be wise to examine the policy … proceeding.

 

 

8.7. Fill in the gaps with articles if necessary.

 

Venue Supplied Policies

 

1. With more than one venue involved in one event, … promoter will find that he/she cannot stage an event without … liability policy. 2. For example, most convention centers require … promoter to provide … $1 million liability policy before … event can be staged. 3. Most of these venues have studied … issue and usually have … insurance agency or broker that is ready to supply the required liability coverage to … promoter. 4. Usually, promoters will be asked (by … venue) to supply … comprehensive general liabilities policy for … combined single limit of $x. 5. … comprehensive general liability policy is … product of … insurance industry with … so-called "combined single limit." 6. This means you can get up to $x for one incident, but that is … limit that … entire event can be insured for. 7. In other words, … limit of any one incident may be $1 million, however, that $1 million may be … total amount of liability insurance for … entire event. 8. … problem develops if there are … numerous incidents totaling more than $1 million.

 

8.8. Have a dictation.

During the past decade, liability insurance has been one of the prime stumbling blocks for promoters. It is expensive and it is getting more so every year. For any promoter staging an event, a reliable insurance broker who knows general liability insurance should be signed on. Although the venue can usually supply a company and/or agent, it is wise for the promoter to shop around before deciding on a specific broker.



8.9. Complete the sentences with words from a box.

Prevention, Security, and Insurance

  aware; to leave; prevention; to police; abuses; leads to accidents; off-duty; alcohol; lawsuit  

 

 

1. With special events, the insurance question always gets back to other issues—… and security. 2. It is up to the promoter … … the venue carefully. 3. Wherever … occur, they must be stopped if the promoter ever hopes to return to the venue with the event. 4. Excessive drinking invariably … … … and increased liability. 5. The Conejo Valley Days promoters are well … of this factor. 6. They have … police stationed at every beer-drinking station at the venue. 7. If anyone gets out of line—or even has the appearance of doing so—they are not served… . 8. In many cases, they are asked … … . 9. As a result, the promoters have never had a … and they have been able to keep the "family image" for the event, an image that allows them to raise more than $500,000 during the event.

 

8.10. Translate the following into English.

 

ВЫБОР АРЕНЫ ВЛИЯЕТ НА СТРАХОВЫЕ ОБЯЗАТЕЛЬСТВА

 

Другим важным фактором, влияющим на стоимость страхования, является

сама арена: Где она находится? Числятся ли за ней какие-либо происшествия? Конечно, прежде чем промоутер может ответить на эти вопросы, он должен выбрать арену, и этот выбор обычно зиждется на требованиях, предъявляемых к мероприятию. Например, для проведения финала крупного баскетбольного турнира необходима арена на 15 000 (или более) мест. Если в округе есть только одно сооружение, которое обеспечивает необходимое количество мест, то у промоутера мало выбора, если он хочет провести мероприятие именно здесь. Для проведения крупных международных соревнований промоутерам необходимо позаботиться не только о самом месте проведения соревнований, но и адекватной арене для тренировок в непосредственной близости (within close proximity).



 

8.11. Act out the conversation.

 

CHECK OUT THE COMPETITION

 

- What can draw the crowd’s attention from the promoter’s proposed event?

- Staging the other events at the same time at the same place.

- How can the promoter avoid it?

- The promoter/manager should check competing events for the proposed dates of the event.

- Where is it possible to get the necessary information?

- Every city has a visitors and convention bureau—an organization that tracks and lists every incoming convention and meeting slated for the area. The bureau can supply a list of events scheduled to come into the community before, during, and after the promoter's proposed event.

- And the promoter should look at each of these and evaluate the competitive strength if they are drawing from the same crowd.

- That’s right. But some events can help.

- Really?

- For instance, a promoter staging a show at a convention center may find another show—at the same center—catering to the same or a similar audience. The advertising impact of the shows may enhance the attendance at both.

- I see. Often, it does not take an event to detract from other special competitions.

In Dallas, for instance, when the Cowboys play the Washington Redskins, the

entire community comes to a stop and they are all glued to a TV set. Any shows

that are staged in Dallas during the game invariably do poorly.

- You have said it.

 

 

8.12. Retell the text “The Insurance Factor”.

IX. Text VI.

HANDLING THE TICKET SALES

How to Price Tickets

 

Along with careful analysis of the market, the venue, and the competition, another major challenge for a promoter/manager staging an event is the pricing or scaling of tickets. Ticket pricing is, as one veteran promoter said, more art than science.



On the surface, all pricing represents is the promoter's desire to get the highest price possible for each ticket. But before he arrives at a price, the promoter has to evaluate a number of things. How "elastic" are the prices and at what point will people refuse to buy? In the case of the Super Bowl, there is much price elasticity. Even at $125 a ticket, demand far outpaces supply. With the "Taffy Festival," an annual, two-weekend event that provides entertainment and performing arts for children (pre-teens), the promoters charge $9 for adults, $8 for children (ages three to twelve, the prime audience) and free admission for those under three. The event has nearly doubled in attendance each year with parents more than willing to spend $8 for a youngster (plus many more dollars inside) because it is the only performing arts/cultural festival of its type that visits the community.

For most events, however, the promoter relies upon the consumer's discretionary income. In tight economic times, people are more cautious and discerning about spending. Even when the economy is bounding along, virtually every event has a point where the price is no longer elastic and consumers will refuse to buy.

Whether times are good or bad, the challenge for the promoter is to find the maximum price for every ticket. That requires research and a certain amount of guesswork or "art."

One organization that proved itself adept at judging price elasticity for an event was the Los Angeles Olympic Organizing Committee. The group had to determine pricing for events that were held in more than 30 venues. Although the Olympic Games are atypical special events, the procedures followed for pricing by the LAOOC at the 1984 Games provide an excellent guideline. More than $120 million in ticket sales were generated from tickets ranging in price from $5 to $200 for a single event. The average price was approximately $25. How did the LAOOC decide one event would only generate $5 while another would be worth $200? First, LAOOC researched comparable events and prices.

For instance, the opening and closing ceremonies were special. They were considered to be on a par with other one-night, one-time spectacular events such as a major concert or world championship boxing match. Events in these categories were studied and the promoters decided there would be three ticket prices—$50, $100, and $200—for both the opening and closing ceremonies—in the Los Angeles Coliseum (a venue that would hold more than 90,000). The events sold out via mail. Months before they were even held, ticket brokers ended up selling $50 seats for as much as $500.

Obviously, there is enormous price elasticity for events that are perceived as once-in-a-lifetime events or attractions that people may not have the opportunity to see again. Aside from the Olympics and the Super Bowl, other events in this category would be the World Series and the Final Four of the NCAA Basketball Tournament.

But, what can you charge for a field hockey game between the women of India and Afghanistan? If the event took place in an area where there was an abundance of immigrants from both countries, pricing would be much higher than it actually was at the Olympics. In Los Angeles, there was not an abundance of either nationality, thus the field hockey seats were priced low at $5. In soccer, there were seats as low as $7 and the event became one for the entire family because of its relatively inexpensive price. As a result, the soccer venues surprised the promoters by attracting huge crowds. The combination of a low price plus the fact the southern California area has an abundance of Latins—a prime audience for soccer—provided the impetus for the large soccer crowds. The promoters gave nearly every consumer a chance to see a once-in-a-lifetime special event. The promoters made money and the consumers were happy—the ideal marriage.

How do other promoter/managers emulate this kind of marriage when it comes to other special events and pricing? The promoter has to evaluate several things: From a scientific standpoint, he looks at the cost of the venue and the cost of the talent.

Most venues (stadiums) can be divided into three tiers. That is, there is a high-, mid-, and low-priced seating area. In some cases, the amount of high-priced seats may exceed the others or vice-versa. It depends upon the venue and how it is configured.

Analyzing a typical special event at a typical stadium reveals the following figures:

 

The Event: Major football bowl game
The Stadium: 90,000 seats
Configuration: Oval
Rental:   $1 million, including all maintenance, security, and other help required.
Costs. Each team gets one-third of gross ticket sales
 

What does the promoter charge? At $30 a ticket, the gross will be $2.7 million, which will not cover all costs. The stadium costs $1 million and another $1.8 million is split between the teams. This runs the promoter into the red by $100,000. The tickets have to be scaled higher. But how high?

A major bowl game is not the Super Bowl. On the other hand it ranks above a typical game. The average college football game may charge $25 to $30 for a premier attraction. Assuming the promoter has one (and he should with a bowl game), what might he charge?

If the promoter charged $38 he would add $720,000 to his revenue for a total of $3.42 million. Once again, each team would earn about $1.4 million (a total of $2.28) and another $1 million for rental—a total of $3.28 million. The promoter would have a margin of just over $140,000. Is that enough? Only the promoter can answer that question and determine whether the tickets have to be priced higher. And only the promoter can determine if he could get more for the game. What about parking, conces­sions, and merchandising? What kind of effect will they have on profits? That is, once again, where "art" plays a role in pricing. Just arbitrarily putting a price tag on a ticket does not work. The promoter has to know the market, competition, and what similar events are getting.

Take the "Jamboree in the Hills" again, for instance. The venue is an open field (125 acres) with rent virtually free; however, assume the promoter has expenses in the form of talent and the tremendous amount of help it takes to run a festival with 30,000 people in attendance. Still, the "Jamboree" is an extremely profitable event. Let's take a look at its figures:

 

• Stadium configuration: Field, level.
• Rental:   Minimal, but promoter has to pay for security, maintenance, and all other costs associated with event. The costs associated with the rental may run $200,000 to $300,000 per day.
• Seating: 30,000
• Costs: Talent gets approximately $200,000 for the one day.

 

At $30 per ticket, the promoters could generate $900,000 with expenses of around $500,000. An excellent profit! But will country music fans pay $30 per ticket? Once again, that is where the "art" and promoter's expertise enters the picture.

9.1. Read and translate the text “Handling the Ticket Sales”.

9.2. Ask all types of Questions on the text.

9.3. Find English equivalents for the following.

регулирование продажей билетов, предлагать цену, сложная задача,

наряду с, тщательный, определять ценообразование, искусство, наука, поверхность, представлять, желание, возможно высокая цена, каждый, устанавливать цены, оценивать, гибкий, пункт/точка, отказываться, гибкое /плавающее ценообразование, даже, спрос намного опережает предложение, ежегодный, развлечения, исполнительские виды искусства, предоставлять, назначать цену, взрослые, основная аудитория, с готовностью /охотно, юнец, полагаться на /исходить из, потребитель, доход, дискрессионный /предос-тавленный на собственное усмотрение, свободный/бесплатный допуск, посещаемость удвоилась, тяжелые экономические времена, требовательный /проницательный, осторожный /предусмотрительный, колебания экономики, фактически, определить максимальную цену, знаток /эксперт, догадка /интуиция, оценка эластичности ценообразования, нетипичный, процедура, отличные рекомендации, варьироваться в цене, средний, примерно, исследовать, подобный, церемонии открытия и закрытия, зрелищный, распроданы, на одном уровне с, по почте, очевидно, огромный, воспринимать, происходящие раз в жизни событие, помимо, множество /изобилие, таким образом, хоккей на траве, зрительское место, футбол, для все семьи, относительно недорогой, сочетание, низкий, идеальный союз, заработать деньги, стремиться превзойти/подражать, с научной точки зрения, делятся на три категории, превосходить/превышать, наоборот, иметь конфигурацию, показывать/являть, цифровые данные, эксплуатация, покрывать расходы, приносить дефицит, с другой стороны, занимать место по ранжиру, предполагать, прибавлять, доходная статья, ценник, произвольно, фактически, расходы/издержки, на сцену выходит профессиональное мастерство промоутера, подобный, разница между себестоимостью и продажной ценой

9.4. Complete the sentences with words from a box.

 

  maintains control; disadvantages, utilized; tickets; are available; the price; the ticket  

 

Distributing Tickets

 

1. Once a scale has been established, promoters/managers have to make a decision about how … will be sold. 2. Will they be sold strictly through the venue or will a computerized ticket operation be…? 3. There are advantages and … to each. 4. By controlling the sale of tickets through one central box office, the promoter/manager … … over tickets. 5. He/she knows exactly what seats… … , and if they want to distribute them in a certain manner to specific people, they can. 6. By controlling tickets, the promoter also controls… … . 7. There is no service charge attached to the … … .

 

 

9.5. Open the brackets and put the verbs into proper tense form.

 

1. Promoter control over the tickets (be) particularly advisable where there (be)

a multitude of events, such as was the case with the Olympics. 2. With sellouts and oversubscriptions to some venues and lack of sales on others, the promoter (have) better control – and (be) able to respond more quickly – if he (maintain) the sales through his own location(s). 3. Computerized ticket outlets (have) a definite role, however. 4. They (offer) a promoter mass distribution, but the price of the ticket (to the consumer) (be) going to be higher. 5. Organizations such as Ticketmaster generally (ask) the promoter how much they (want) to net from each ticket. 6. If a ticket (be) $7, and the promoter (want) the $7, then the ticket outlet (tack) a service fee on top of the face value of the ticket.

 

 

9.6. Have a dictation.

 

Obviously, this increases the cost of the event to the consumer, which many promoters prefer not to do. This is particularly true for an event that is a first-timer. It is difficult to get consumers to buy into the inaugural of an event, and adding a service charge to the price of admission does not enhance the appeal of the event themselves the first year and once it is proven they go to a ticket outlet in subsequent years.

 

9.7. Insert preposition if necessary.

 

 








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