The need for Event Insurance has become more apparent with the increased risk of natural disasters (including earthquake), strikes, terrorism and crime.
It is important to protect your company as well as your attendees in case the unthinkable should happen. For over 20 years now, I have been providing insurance for Events throughout the world and have come to realize that claims normally occur from the unexpected risks rather than the expected.
All types of Events can be insured including Exhibitions & Conferences, Cultural Events, Commercial Presentations, Celebrations etc. In the last few years there has been an increase in the number of Exhibitions & Conferences insured in Greece. This is due to both the increased risk of hosting such Events and also a requirement from the overseas client (Medical Associations etc) to have adequate insurance in place.
Event Insurance falls into 3 main categories :
Cancellation & Abandonment
An Event may need to be cancelled, abandoned,
postponed or relocated. Due to circumstances beyond your control, you may need to make a claim in respect of your financial losses, including anticipated profit.
If it is possible for the Event to be relocated to another venue or rescheduled for another date your insurance will need to cover you for the increased costs incurred.
Insurance policies can be extended to cover the
penalties due in case you are not able to vacate the Exhibition/Conference Centre within the time stipulated by your contract e.g. strike by employees.
War & Terrorism
The risks of cancellation due to War & Terrorism (or threat thereof) is a serious concern to all Exhibition & Conference organizers. These risks can be insured as an extension to the master policy.
There are 2 Sections provided under standard
package policies. These are:
1. Third Party Liability
Cover is provided to protect the Event Organiser for their liability to third parties in respect of bodily injury and damage to third party property. The period of coverage should include the installation & deinstallation risks and be extended to cover damage to the Exhibition/Conference Centre.
A minimum limit of indemnity of Euro 2 million per claim is suggested and increasing to Euro 10million if the budget is able to provide for increased cover.
2. Employer’s Liability
Cover is provided to protect the Event Organiser for their liability to their employees in respect of bodily injury.
Additional Personal Accident Insurance is available to cover employees who suffer an accident when the Event Organiser is not deemed to be legally
responsible as no negligence occurred.
The above is purely a summary of the main covers available. However, each Event requires individual attention and as such a full review of the budget, venue, time of year, guest speakers & other exposures need to be considered and discussed with the Event Organiser prior to the Insurance being effected.
Your insurance provider will need to be experienced in advising you of such risks and offer you a tailor made insurance to cover your needs.
(*) Andrew Mac Millan: Event insurance provider G.Karavias & Associates Ltd