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

each event.

• 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.