26th April 2010
Your event insurances brokers can access the whole insurance market
to find the best cover (which may be from combining a number of
separate policies). The phrase risk assessment is becoming more used in
all areas of the event’s industry and for many it creates a sense of
dread. It is however particularly important in many businesses where so
many events are unusual and involve the public. There are of course
several ways you can control your exposure to physical risk claims. You
must either carry out your own or commission risk assessments. They are
vital where dangerous activities are taking place.
1.Event insurances cover usually range from health and safety,
construction and manual handling regulations to the most recent, high
profile law on corporate manslaughter. Other factors include adverse
weather, the failure of key services such as power supplies, water or
drainage, reduced attendance and loss of revenue arising from a common
cause preventing people from getting to the event.
2. It may be more than just legal liability exposure, so always
consider the venue, it will often be the single most expensive piece of
property you are using for your event so check the contract to see what
your responsibilities are for damage to their property. Site security
is also quite important, if you don’t feel comfortable leaving valuable
equipment unattended at a certain location, don’t expect an insurer to
feel differently.You need to be alert for clauses which transfer or
increase your legal responsibilities from other parties, for example
venues making you responsible for anything and everything that happens
on the site a situation which is not always reasonable, particularly if
the cause of an accident is down to the state of the premises or the
ground, these are the areas over which you have absolutely no control.
3. Always treat your event insurances companies as a partner , as they
are there to help so give them all the information they need to
underwrite the risk. Explain the event, discuss what risks concern you
and ask for competitive premiums, but cheapest isn't necessarily best,
because it’s the cover that counts.
4. You also need to ensure back to back indemnities from your sub
contractors to match your responsibilities to your principals. For
those events where you have exhibitors or sponsors check their
insurances, both limits of liability and wordings, making sure they
contain an Indemnity to Principals Clause, which indemnifies you for
5. Your current insurances may need amending or extending, although
when asked to insure these special risks, the average insurer will
quickly be out of its depth, so it is always best to consult a
Event risk insurances policies are all about cancellation, abandonment,
curtailment or other disruption to a planned event. So always, look at
the components of what you are planning and ask - what can go wrong?
Whilst there are many areas to consider and expert advice should be
sought to ensure that you are fully covered.