Whether it’s weddings, markets, concerts, or beer festivals, agents specialize in tailoring personalized Special Event insurance packages to suit client requirements, regardless of the event’s scale. Many venues hesitate to shoulder the sole responsibility for property damage or injuries to attendees, necessitating a specific level of liability coverage for event hosts. Given the diverse nature of events, along with varying details, carriers, requirements, and limitations, agents can aid clients by carefully reviewing contracts and proposals for requirements and exclusions. It is important that clients are fully informed about any exclusions or limitations, offering comprehensive coverage that aligns with their needs. When it comes to special event insurance, there are several crucial aspects to consider:
1. Cancellation Coverage
Special Event insurance does not always include cancellation coverage. Event cancellation coverage will provide coverage for loss of revenue and additional expenses if the event has to be cancelled.
2. Common Exclusions
Different vent circumstances cause certain coverage exclusions to be applied. Particularly with sporting events, it is common for event participants to be excluded from coverage. Pay attention to the Liability portion to make sure there are no exclusions for athletic participants.
3. Common Coverage Gaps
While carriers are looking to provide less, venues and markets require more. Agents will do their best to review contracts and make sure the required client coverage is included. If the event operates at multiple locations, check if carriers offer a General Aggregate per Location endorsement. Another common exposure is Liquor Liability, so check for exclusions.
While the purpose of Special Event coverage is to safeguard against inevitable risks during your event, agents should engage in discussions with insurers that have experienced in event coverage to explore the possibility of these being underwritten and removed.
Let us know how we can help you with your next event when it comes to getting your event insured.
