One of the worst things that can happen when you plan an event is for bad weather to force you to cancel. People who have already spent a lot of money on the preparations for a trip might have a lot of money to pay back, even if they can’t go. In this article, we will see the coverage of event cancellation insurance in the UK.
Event Cancellation Insurance
This insurance protects the costs that have already been paid for an event from being cancelled because of things that the Insured can’t control. Riots, strikes, and labour disturbances aren’t the only things that could happen. The venue might not be available because of fires, floods, or other problems.
As a result of bad weather or death, a special event, like a wedding, bar mitzvah, or anniversary party, may have to be cancelled and/or postponed. Therefore, this insurance may help cover the costs. If your officiant or a major vendor, like your caterer or florist, doesn’t do what they say they will, you may be able to get back some of your money.
WHAT DOES EVENT CANCELLATION INSURANCE COVER?
If your event has to be cancelled or postponed, event cancellation insurance can help you get back some of the money you lost when you pay for things like catering, flowers, photography, entertainment, or honeymoon travel in advance. if a paid vendor goes out of business before your event. But there may be other costs that are covered, which are like:
1. Event photographs: A professional photographer may not show up for work, or he may lose or damage your images before giving you copies. This coverage may pay for some of the money you paid to the photographer.
2. Special clothes: If your wedding dress gets burned while it’s being cleaned by a professional, that would be bad. Thus, this insurance might pay for you to buy or fix your special clothes.
3. Special Gift: If a gift meant for your event is lost or damaged, this could help pay to fix or replace it, too. A certain amount of money can be used to cover monetary gifts.
4. Special jewellery: This coverage may help protect your wedding rings, Quinceanera crown, or other event-related jewellery if they get lost or damaged during the event, so you don’t have to pay out of your pocket. It may also protect you for a certain amount of time after the event.
5. Military Redeployment: If you have to postpone or cancel your event because of a deployment, you may be able to get back some of the money you lost. This could also be for you, your immediate family member, an active event participant, or even your officiant.
6. Professional Counseling: If the cancellation or rescheduling of your event makes you so upset that a doctor recommends counselling, this coverage may pay for those services.
Who Can Buy Event Cancellation Insurance?
It’s important to know that many policies only cover private events, and policyholders may also have to live in the United States. There may not be insured for business, public, or sporting events that don’t work out. However, a lot of people may not be covered if your guest list is too big. Make sure to read your policy for more information.
What Else Should I Know About Event Insurance?
You may not be able to buy event cancellation insurance if you don’t know how many days away the event is and where it will be held. Things to remember:
#1. Consider coverage when you sign on a dotted line.
Getting event cancellation insurance should be on your to-do list right when you start filling out event contracts, says the NAIC. Make sure you know that some insurance companies won’t let you get a policy more than 24 months before your event, or in the last 15 days before the event.
#2. Payment may be due right away.
You may not be able to pay for event cancellation insurance like you might for other types of insurance. When the policy is made, you may have to pay your premium.
#3. Have your event at your house?
The Insurance Information Institute says that you should check with your insurance agent to make sure that you have enough liability coverage in case of an accident or other mishap on your property. You might be able to get extra liability coverage for special events to protect you more during the event.
#4. Destination events might be covered.
If you are a UK citizen and your event takes place in certain places outside of the UK, your insurance may cover it. Contact your agent if you want to know more about this.
As you know, putting on a special event can be a lot of money. However, you can protect yourself by getting event cancellation insurance. If something happens that you can’t control, this insurance can help you get your big day back on track.
Event Cancellation Insurance UK
If you’re planning a corporate retreat, a charity benefit, or an event for music and dance, you’ll have spent time and money that you don’t want to lose. In situations like this, having the right level of event cancellation insurance in the UK can give you peace of mind and protect you.
Event cancellation insurance in the UK is also written for a single event (or for a group of events in one policy) and is meant to protect you from any losses you might have.
However, this is a partnership between the insurance industry and the government. The government has agreed to make sure insurers can offer the products that events need. Insurers who belong to Lloyd’s of London, including three of the top players in the market, have so far agreed to make around £35 million worth of capacity available.
Note: Before September 2023, there will be a review point. The scheme will last until then.
What you need to be covered against a pandemic
The best way to find out is to ask your agent or broker if you can add an endorsement to your event cancellation insurance policy that will cover cancelling an event because of a pandemic. If your insurance company doesn’t offer this kind of endorsement, you should look for a new one.
Make sure you know that if you didn’t buy the extra endorsement before the pandemic, you won’t be covered if you have to cancel an event. The insurance company can’t backdate a policy to cover the cancellation. Some insurers, on the other hand, may not want to sell this kind of endorsement.
Features Of Event Cancellation Insurance In The UK
Event Liability Insurance
In the event of a lawsuit, you’ll have insurance to cover you.
No matter how big or small the event is, the organizer has a legal duty to make sure that everyone who comes is safe and well-cared for. Contractors and suppliers who also help with the staging of an event should have their liability insurance to cover their work.
Public liability and employers’ liability insurance are also needed by the event organizer; just in case, it is found to be at fault for an accident that happens. Thus, for event organizers, having the right insurance in place is very important.
Pluvious Cover
Organizers and promoters are covered if certain things happen that make an event partially or completely impossible. We’ve covered a lot of events both in the United States and around the world, like these:
- Professional cricket matches
- Dinners, dances, balls, and banquets
- Christmas parties, product launches, and art festivals
- Music concerts, gigs, and festivals
- Film festivals and literary events
- Triathlons, horse race meetings, marathons, and golf days
Cancellation of Event Insurance
Our event cancellation insurance protects you from costs and expenses that you can’t get back if your event has to be cancelled because of something that happened outside of your control. Event cancellation insurance pays for the costs and expenses you can’t get back after your event is cancelled, delayed, interrupted, or postponed for reasons that you didn’t know about. As an example,
- Your performer or guest speaker has to cancel because he or she is sick or hurt.
- For example, a fire has shut down the venue and it isn’t safe for people to go inside.
- You have to cancel your trip because of bad weather you didn’t expect.
What can be covered with Cancellation Insurance?
- Your costs and expenses can not be recouped.
- Loss of money or revenue
- If the event is cancelled or needs to be rescheduled, more money will be spent to lessen the loss.
In most of our insurance policies, you can get event cancellation insurance as part of the package. Your specific situation will be taken into account when you choose your policy.
What is the difference between Event General Liability Insurance and Event Cancellation Insurance?
Coverage for third-party bodily injury or property damage is called “event general liability insurance,” and it’s required by the venue or the vendor who hired it. If you want to get Event Cancellation Insurance, you’ll have to pay extra for it. It’s a special type of insurance and it’s “optional.” Based on the amount of money or expenses at risk, the type of event, the dates and location of the event, and the scope of coverage needed.
What are the factors that influence pricing and breadth of event cancellation coverage offered?
- Event Type
- Amount of Revenue or Expense relating to event
- Dates of the event
- Location of the event
- Whether the event has an outdoor exposure or non‐appearance component
What is not covered by Event Cancellation insurance?
- Financial Insolvency
- Lack of Interest or Support
- Fear of Travel
- War and Military Action
- Biological, Chemical, or Nuclear Hazards
- Pollution or Contamination
- Pre‐existing existing or threatened circumstances
What types of events are covered?
- Athletic/Sporting Events
- Concerts
- Conventions, Conferences, Tradeshows
- Consumer Shows (Boat Shows, Car Shows, Home/Garden Shows)
- Corporate Events
- Fairs, Carnivals, Festivals, Parades
Who buys event cancellation insurance?
- People who plan and promote shows and events
- Companies that plan events
- Athletic Conferences and Leagues
- Trade and professional associations that aren’t for profit
- Association Management Companies
- Corporations
- Towns and cities
Why and when does event cancellation insurance purchase?
Even the best-planned event can be thrown off by things that are out of its control. This can happen for no reason and is out of your control. It can be canceled, postponed, rescheduled, interrupted, or moved, either in its entirety or in part. There are a lot of things that could put an event at risk and make an event cancellation insurance claim.
Why does event cancellation insurance purchase?
- Protects a big source of income.
- Keeps an organization going.
- Makes sure that the event stays the same from year to year.
When is event cancellation insurance purchased?
- This is usually at least 30 days before the event start date.
- When multiple years of coverage can be bought at once, it can be done up to three years in advance.
Event Cancellation Insurance FAQ
Does event cancellation insurance cover pandemics?
Venues usually suggest that the person or company who plans to host an event get event cancellation insurance. It’s not very common for an event cancellation insurance policy to cover pandemics.
What is event cancellation and disruption insurance?
Cancellation Insurance can help pay for your lost money if an event is canceled, disrupted, postponed, or moved for reasons that are out of your control.
