Cancellation Insurance – The Facts
This paper looks briefly at the subject of event cancellation insurance, the likely claims and how insurance companies evaluate proposals.
What is cancellation insurance?
Cancellation insurance is to protect the financial interests of the organiser or stakeholder of an event.
Some Frequently Asked Questions
1. We are not going to cancel our event so is there any point in buying the insurance?
Yes, cancellation insurance is designed for all those circumstances that cannot be foreseen and prevent you from holding your event.
2. When is the best time to buy cover?
We recommend that insurance is bought as soon as you sign a contract or pay a deposit.
3. Does cancellation mean just cancellation?
No the term cancellation includes Abandonment, postponement and curtailment
Here are Some Claims Examples
Denial of access to the venue where your event is due to be held
Disruption of electricity, gas, or water following a worker cutting a cable by mistake or similar
Non arrival of key speaker due to accident or illness
Damage to the venue
Illness/accident of a key speaker or performer
Unexpected strike action
Information required for rating
Information needed by insurers to apply a premium and terms include the following:
Date of the event(s)
Name of the event(s)
Type of event(s)
Brief description of the event(s)
Costs that will be incurred in producing the event
Any profit element
If there is any dependency on a key speaker/entertainer
If there have been any claims/or circumstances that could lead to a loss
Experience of the organiser(s) of the event/production