What Are The Common Limitations And Exclusions On Event Insurance Policies?
"Hard as it may be to accept for one who is shopping for insurance, not all conceivable losses and costs can be insured. Some are simply uninsurable. And because of this, virtually all event insurance products come with exclusions of some sort."Get A Quote
There is just so much that you don’t control that can happen and cause the event’s cancellation. And with cancellation will come liability and reimbursement claims for sunk costs by your different vendors. This is why every event organizer needs the protection of event cancellation insurance.Get A Quote
What Does Event Cancellation Insurance Cover?
Event cancellation protects the event organizer and all insured parties against costs and liabilities caused by failure to stage a scheduled event.
You need event cancellation insurance to insulate yourself against the inevitable financial claims from a canceled event. Besides your commitments to vendors and the money they may have spent, you may already have paid for the venue, money that the venue owner may refuse to refund.
Other costs your event cancellation insurance policy can cover are:
· Invited speakers and performers’ costs,
· Rescheduling costs, if that’s the plan,
· Hired equipment costs.
What Can Cause An Event’s Cancellation?
Many factors can stop an event from happening. Often, these factors are outside the event host’s control. If it’s a wedding, the bride or groom may suddenly fall ill. The venue you have booked for your event may get damaged by fire.
Sometimes the government may issue a decree banning public events. The Covid-19 global pandemic, for example, caused the cancellation of almost all events, including the world’s biggest sports leagues and international trade fairs and conferences.Get A Quote
Watch Out For Exclusions On Event Cancellation Policies
Event cancellation policies typically exclude coverage for epidemics and pandemics. If you prefer to carry comprehensive coverage, ensure your policy has an endorsement for ‘all risks’ coverage.
But even where there are exclusions, some terms buried in the fine print can limit your ability to claim successfully. For this reason, it is advisable to choose ‘all cause coverage’, which guarantees coverage for all risks that aren’t explicitly excluded.
Able Elite Team’s team of event insurance experts is here to guide you through all your options. Contact them here for a free consultation