11th December 2009
When your business thinks about having an event it is important to make sure that all aspects of the event are covered. One of the most important aspects is event insurance liability. Coverage needs to be there to insure that there will not be any unforeseen losses or accidents that are caused by many of the factors that could affect your event. There are many different types of coverage that a business can receive.
These different types depend on the type of business and event that needs to be insured. An underwriter will be secured by the provider company and that underwriter will determine the risk factors and whether or not the business is insurable. If the business is determined to be insurable then the underwriter will assess the risks and come up with a detailed premium for your event insurance liability policy.
When a business decides that they are going to have a show or a convention they have to remember that it can be dangerous because of all of the problems that might arise from mistakes or accidents. It is unlikely that the business could take such a hit without any consequences. These accidents can be caused by negligence on the business’ part which needs to be covered.
If your business is looking for coverage then some of the things you might want to ask about insurance liability are:
• What exactly is covered?
• Are there any lapses in coverage?
• What about temporary employees or guests?
• How much is covered?
• What are the costs?
• Can coverage be rolled over to cover other shows/conventions/etc.?
All of these questions need to be answered specifically before making a choice. What exactly is covered was gone over above in a broad view but the provider should offer a more definitive answer. Lapses in coverage can occur because of extenuating circumstances, it is important that your business knows what these are.
As I mentioned earlier it is very common for specific policies to be written depending on the type of business and some of the typically accepted shows for event insurance liability policies are:
• Arts and Crafts Festivals
• Consumer Shows
• Fashion Shows
These are just some of the types of shows that are accepted. To be specific your business should ask your provider for more details. Each provider will offer different policies based on what they believe is best for their company. Keeping in mind that the responsibility of the underwriter is to save the providing company money and reduce the risk of losses.
It is always important to know the limitations of your event insurance liability. Be sure to know exactly how much is covered and what accidents qualify as covered. Is property damage and bodily injury covered? Are alcohol related accidents covered? What rating was the underwriter who performed the exhibition insurance underwriting?
Be sure to know and understand the general aggregate price, the per occurrence price which should include property damage, and your basic deductible.