Event Cancellation Insurance
Event cancellation insurance provides coverage for revenue lost or expenses paid in arranging an event, plus your brand protection and other costs arising from cancellation, abandonment or postponement.
Insurance for event cancellation is provided for many different types of incidents such as:
- Weather related causing people to not be able to get to the venue, or safety is threatened.
- No- show of a performer due to accident, sickness, death or travel delays
- Strikes causing delays
- Do not travel government issued advisories
- Fire or other damage to the event venue
- Infectious Communicable Disease with agreement from insurer
The actual coverage that is granted and insured, can provide reimbursement for:
- Loss of Gross Revenue, or the actual costs and expenses incurred in organising the event.
- Public Relation expenses in order to ensure you maintain your brand.
- Money takings in transit to a bank
- Additional costs above the norm for failure to leave a venue on time
Common types of events that may consider this insurance include:
- Sporting or community events
- Fashion, Arts or Awards shows
- Conventions, Concerts and exhibitions
- Entertainment shows
Event Insurance Claim Examples
Some examples of Event Cancellation insurance claims include:
- Adverse weather resulted in the abandoning of a music event. As the artists were ready to play they needed to be paid their appearance fee.
- An electricity utility provider failure forced the cancellation of a business convention.
- A show cancelled mid-performance with refunds provided to ticketholders due to a surge in power causing a important piece of equipment to fail and cease operation.
- A performance was delayed by two hours when instruments arrived late due to transit delays. Members of the public left before the performance begun and obtained refunds.
- Animal show cancelled due to a disease outbreak, restricting the movement of animals to local areas.
- A major international artist had to cancel a show on their tour after storms in the area knocked out power at the concert venue.
- The death of a family member closely related to the band caused a postponement of a tour.
- A major sporting event was cancelled due to a likelihood that either participants or members of the public could contract an Infectious Disease.
If you wish to take out Liability cover for the event, please advise.
In summary, event or entertainment insurance protects you if your event is cancelled or postponed. It protects you for financial losses ranging from $10,000 to $10,000,000.
To obtain an insurance quote for Event Cancellation Insurance, please contact us.