Events insurance is a type of specialized commercial insurance coverage that is usually sold as a insurance plan package of liability, property and cancellation cover options.
Insurance coverage is offered for individuals or businesses who are either organisers or participants in the event. Virtually every type of event is handled including sporting events, club meetings, fetes and fairs, festivals, conferences, parties and anniversaries, weddings and special events.
Every policy offer a minimum basic cover of public liability insurance coverage which protects the event organisers against any costs or damages awarded, as a result of being sued for personal injury or loss to third-party members of the public. This includes claims from the event’s participants.
In the Uk the minimum amount of public liability cover supplied is one million pounds, that is lifted up to five million for big events.
If an organiser is setting up an event in which a license is necessary from the law enforcement officials or local authority, such as a street party or meeting in public areas, the typical minimum requirement is two million pounds of cover.
Unless you are Superman it is highly likely you’ll hire people to help contribute to, run or organise the event. Even when these people are unpaid, it’s still a legal requirement that the event organiser has employers liability insurance cover available to protect against claims from individuals and helpers who may be seriously injured.
All events insurance policies include options for both types of liability cover for coordinators, participants, entertainers and exhibitors.
A well liked selection for which an event insurance policy offers insurance coverage is that of event cancellation. This handles the expense of having to abandon, terminate or delay the event because of unanticipated circumstances. For example a policy covers cancellation if catering services neglect to provide food, entertainers or performers do not show, your staff are unable to attend or even if the venue has become unavailable or double booked.
A costly additional cancellation cover against severe bad weather for out-of-doors events, called ‘pluvious’ cover, can be obtainable for certain types of events such as marriage ceremonies at specific times of the season.
The 3rd type of cover provided by events policies is the property cover. This is often insured on an indemnity basis in which the organiser declares the replacement value of property used for the event. This could be cover for anything that is hired in, for example marquees or dinner services, or towards damage to property borrowed or rented for a short time, such as a local community hall.