Irrespective of how much time, care and energy you invest in the organising of your events, forces beyond your control can cause costly cancellations or interruptions ranging from inclement weather conditions, riots and strikes, acts of terrorism, natural disasters and outbreaks of communicable disease.
A contingency insurance cover can help you avert a significant financial loss that may arise from a number of emergencies or incidents that cause you to abandon your event.
The typical event cancellation will compensate the organisers and investors for:
- Ascertained Net Loss if an insured event is cancelled, disrupted or rescheduled
- Additional costs incurred for proven costs or charges reasonably and necessarily incurred to mitigate or avoid a loss.
Exclusion buy-backs can include:
- Inclement weather for outdoor events
- Non-appearance of key speaker or entertainer
- Failure of public utilities
- Riot and Strike
- Natural disasters
However, for a full range of protection, organiser and investors should also consider the following which can either be added as extensions to the contingency policy or purchased as standalone covers (single event or annual) to complement the contingency cover:
- Property damage – to venue, equipment e.g. sound systems, etc.
- Liability to third party as well as for third party property damage
- Employers Liability (statutory obligations under the Work Injury Compensation Act or similar)
Coverage is available for a broad range of events including:
- Dinners and banquets
- Parties, product launches
- Art festivals
- Music concerts and festivals
- Cultural events
- Film festivals and literary events
- Charitable shows
- Sports events
Our target markets are:
- Event organizers
- Media companies
- Promotion agencies
Almost every event is unique in its own way. Our event cancellation insurance can be tailored to meet the specific needs of your special event either with special policy limits or by including event liability coverage that may be required by venue owners or managers.