Events are unpredictable – will be an understatement if we look at the stats of the previous three years. UK’s events ‘reinsurance’ scheme makes us realize that the events were volatile even before the pandemic struck the events industry and the world turning it topsy-turvy. But what the events community learned in due course is that not all their time, money and planning has to go in vain! The Events Cancellation Insurance covers most of the financial aspect of the contingency.
Event Cancellation Insurance provides financial security and support if under any unforeseen circumstances the event postpones, is curtailed or gets cancelled! There are specific terms and clauses attached to the insurance agreement like Force Majeure which insure the event from internal as well as external forces.
How does the Event Cancellation Insurance affect the different stakeholders? Let’s take a look.
Event Insurance For Organizers
Event Insurance Policies work majorly for the event organizers
. The financial protection provided by this policy ensures that the organizer does not lose their financial contribution within the event planning process. It also saves the organizer’s reputation from getting maligned due to the event cancellation as it provides full cover to the other stakeholders including the attendees.
The event cancellation insurance covers what liability the organizer has towards refund for the attendees. It must have a clause that specifies the responsibilities of the organizer during occurrences beyond their control – for example the COVID pandemic, earthquakes, hurricanes etc.
How Can An Event Organizer Access The Cancellation Insurance?
There is a long documentation process and lengthy sessions of paperwork that can get an event organizer the desired cancellation insurance. Here are a few steps that can be followed in order to get your event insured:
The event organizer must research about the types of event insurances they can get – there are specific event insurances for liquor, general liability, cancellations and more.
Once the organizer decides which insurance they need, they can head over to different portals and insurance companies to get the bang for their buck!
There are many different web portals, insurance firms and more like eve, CPH & Associates and Thimble, that provide insurance for events.
After getting a quote and one on one meetings with these firms the organizer can zero in upon one of these and choose the best plan pertaining their B2B event.
Benefits of an Event Cancellation Insurance
The Event Cancellation Insurance covers many occurrences including natural and man-made incidents like unforeseen weather conditions, power failure, performer cancellation, performer abandonment, postponement, interruption, relocation, terrorism and more. Here is how the event cancellation insurance benefits the event organizer:
It helps cover the entire investment of the organizer in monetary terms.
It also builds a bond of trust between the organizer and the attendee as the latter feels their invested money is in safe hands. The attendees are willing to attend the event even if it is postponed or cancelled and reorganized.
The event cancellation insurance also helps event organizers get other event stakeholders on board including vendors and sponsors.
During mishaps like the speaker cancelling on the event or the vendor backing out – the organizer still holds onto the repute they have with the official insurance document covering all expenses for the organizer and the attendee.