5th January 2010
Many businesses have events planned throughout the year. It seems like a new, exciting business is showcasing what they are selling everyday in new ways. If your business is planning an event soon then it is time to get exhibitions insurance.
A common question is what exactly does that mean? Well the definition is coverage provided on an all risks basis for a business whose product or service, while being on display at a public event, is damaged or completely destroyed by a risk that is not specifically excluded from the policy in question. That sounds like quite a bit but with a little explanation you will see why it is so vital to have exhibitions insurance.
To understand what type of coverage your business will need you will need to know exactly what type of event you are planning on having. This means what type of product or service will be on display, is the event inside or outside, how many people will be in attendance, how many employees will be working the event, what safety measures are planned and how much will the products on display be worth?
Once you have answered those questions it is time to secure a provider for your exhibitions insurance. The provider will send an underwriter out to assess the risks involved which depend on the questions you answered already. Your business should have in mind exactly what they want covered and for how much.
The provider that you acquire the coverage from should be easy to work with, efficient, and affordable. Specialists will be available from each provider and asking them questions is the best way to determine their value. Keeping in mind that everything has to be covered it is most important to go over the exclusions.
After the underwriter has finished the assessment period they will offer coverage, however there may be exclusions. Exclusions are things that the underwriter has determined are uninsurable or too high of a risk for the normal policy. Be sure to know these exclusions as well as the limitations set out in the exhibitions insurance policy.
Limitations are common as the provider will not offer coverage with payouts higher than the actual value of the insured products. However some providers can have outrageous limitations, remember that the provider has all of these rules and regulations in place to protect them. It is in your business’ best interest to review the policy very carefully.
It is very important that your business understands all of the limitations of your coverage as this is very important to having a successful show. Of course to know the limitations of your coverage you have to know the limitations of the products and your own business. After you have decided to go with a provider then they will send their underwriter to come out for the assessment period to access any risks that may occur during your show. Once the time table is set and the underwriter has accessed the risks then an exhibitions insurance policy may be issued by the provider. It is up to your business whether or not to accept the policy or attempt to acquire coverage through another provider. Either way be sure to select the proper coverage as it is always better to be safe then sorry.