Football aside, the £1.5bn in event cancellation insurance attached to this year’s FIFA World Cup shines a spotlight on cancellation cover. The heady sums involved with the World Cup might represent the ‘glamour’ end of this area of insurance, but it nonetheless serves to highlight a crucial area of concern for organisers of UK events, of whatever size.
As an event organiser, the responsibility and duty of care for the visitors, the staff, the entertainment, the equipment etc. lays firmly in their hands and the possible risks and cover needed are extensive and might include anything from: -
• Public Liability
• Event cancellation
• Adverse weather (by far the biggest cause of cancellation or disruption)
• Travel delays
• Police authority intervention / local authority intervention
• Equipment cover (fencing, grottos, toilets, stalls, decorations etc.)
• Third party property damage
Other insurable perils associated with event cancellation insurance can include natural catastrophes, acts of terror, communicable diseases, venue damage, power failure, satellite or transmission failure, riots, strikes, civil commotion, and even national mourning!
From the World Cup to a business conference, exhibition or even the village fete, your customers (particularly your commercial clients) could be hosting or attending events that carry significant liability. Costs associated with most conferences and exhibitions these days often run into tens of thousands and are generally non-refundable.
Granted, not all events will carry such high premium levels as the World Cup, but think outside the box and you’ll maximise the income potential from the relationship you have with your clients and ensure you are their first port of call for all their insurance needs. Providing the GI on clients’ mortgage related risks should be just the beginning of the GI story.