Find an event insurance according to your needs
13 Feb 2020
The organisation of an event involves its own risks that require specific coverage through event insurance. During a wedding, a show, a concert or a company seminar, standard insurance contracts do not adequately protect the insured, whether he is a private individual or a professional. Event insurance is a tailor-made policy that covers the potential risks associated with different types of events.
The notion of special event
Too many private individuals assume that the civil liability of their home insurance covers the organization of an event such as a private reception held outside their home. This is sometimes the case, and since this is a grey area in terms of insurance, it is wise to check with your insurer beforehand. However, as most insurance companies exclude these risks from their cover, apply deductibles or impose compensation ceilings, it is preferable for the individual to take out event insurance that is perfectly suited to the event they are organising. The organiser of professional events must also take out a tailor-made policy.
The organiser’s civil liability
When renting a room or other location for an event, one becomes responsible for any personal, material and financial damages that may be caused by the organizing team as well as by participants or guests. Most businesses that rent rooms require a certificate of insurance indicating an amount of coverage from one to several million dollars. The organizer must take out insurance to cover this amount, or even more if he considers it insufficient in the event of major damage.
Financial risks related to cancellation
Depending on the type of event, the insurance may also cover the financial risks associated with its organisation. For example, a company agreement, a sporting event or an outdoor show may have to be cancelled due to bad weather or a strike by transporters preventing the public from accessing the event site. The insurance can reimburse the organiser for production costs as well as the payment of service providers, artists’ fees and even in some cases cover additional expenses related to the travel of the event.
Theft and breakage of equipment
During the course of the event, equipment belonging to the organiser, but also to the lessor of the hall or third parties may be stolen. The event insurance may include a clause to indemnify the owners.
The civil liability of artists
It is not uncommon for insurers to include a clause in event insurance contracts to cover artists’ civil liability. This is particularly the case for shows involving pyrotechnic effects, which require, in addition to the implementation of a series of adequate prevention measures, specific coverage.
Medical expenses and repatriation
In the event of an accident during an event, such as a company convention held abroad, the event insurance can cover the medical expenses incurred on site as well as the expenses related to the repatriation of injured employees or participants. An extension of cover can even provide disability and death cover for all participants.
The organisation of an event involves hazards and numerous risks related to the rental of the site as well as the use of expensive equipment, bad weather and public safety. Depending on the risks identified, the organizer must negotiate a tailor-made event insurance policy in order to benefit from coverage adapted to his needs.