29th June 2010
Event Insurers Are Crucial Business Partners
There are many event insurers, who would offer the cover that goes much further than just the total cancellation of the event.
There are many event insurers, who would offer the cover that goes
much further than just the total cancellation of the event. It will
normally include relocation, postponement, abandonment or other crucial
changes from the pre-planned programme, content or timing. Each policy
is different, and therefore has to be worked out well ahead of time.
This type of policy is quite often designed to cover different areas of
the events market, also offering extensions which are appropriate to
that type of event. However, it is completely flexible so that the
insurance can be tailored to the requirements of each client and that of
• These days, you can get quotes, compare different policies and buy the
best value event insurance on the internet with quality event insurers
within a matter of minutes.
• If your event is indoors, at a proper venue, then cancellation or
disruption due to adverse weather is covered as part of the standard
cover. For example, you are insured in case of flooding, the organiser
may not be able to get the equipment to an event, and this may stop the
event taking place.
• However, if the event is taking place outdoors, you can still get the
cover, but the premiums are generally higher and the risk may be
underwritten individually. Everything will depend on a number of factors
including where the event is and also the time of year. In some case,
conditions of the place where event is taking place and the nature of
the event are also quite important.
• Most event insurers will help you insure revenue from ticket sales and
sponsorship, in case if the event is cancelled.
• Sometimes a risk can be outside the parameters of the agreement,
therefore you must always ask for an expert advice before buying a
policy. With the development of this market it has become relatively
easy these days, to search for the best and most reliable local insurers
or underwriters in your area, who can extend cover for you as an
employer should your staff make a claim, as well as cancellation
insurance, which will recover the money lost if the event has to be
cancelled for reasons beyond your control.
• Whether you like to insure total revenue or just the expenses, the sum
insured will have to be the total revenue or expenditure for the event.
However, it’s not a good idea to underinsure your event as this could
have the effect of reducing the amount paid in a claim in proportion to
the extent of underinsurance.
As an event organiser, it is your responsibility to arrange event
insurance as early as you possibly can as in most cases, you may not be
allowed to get the cover at very short notice and the premium will have
to be paid before the start of an event. Most event insurers do not
offer cover less than 14 days prior to the start of the event. They know
in advance due to long range weather forecasts facility, whether the
bad weather is on the way, and if that’s the case, the risk becomes a
known existing one, so cannot be insured.