Event cancellation insurance is a type of insurance cover that can protect businesses and organisers of events from losses that may occur due to the cancellation of an event. It is designed to cover your losses related to an event that is cancelled. These losses can include venue rental fees, deposits, and other associated costs.
In this post, the team at David J Miller Insurance Brokers takes a look at things you need to know when it comes to insurance for event cancellation including what it is, the benefits of it, and how you can obtain this type of insurance from an events insurance broker.
Read on to learn more, and if you would like to enquire about cancellation insurance for events, then please get in touch with our team. Details can be found at the bottom of this post.
Understanding the Basics of Event Cancellation Insurance
As briefly touched on above, cancellation of event insurance can protect organisers of events against financial losses due to the cancellation, postponement or relocation of an event.
It can cover a wide range of events such as concerts, conventions, festivals, conferences, sporting events and weddings. It can provide coverage for losses from adverse weather, natural disasters, acts of terrorism and unexpected events. These are just a few unforeseen circumstances that commonly occur.
If your event is cancelled, this type of insurance can reimburse your irrecoverable costs and expenses incurred or loss of profit or gross revenue. Ultimately, it can protect you from potential financial losses. Event cancellation insurance is suitable for all sizes of events, whether there are just 10 attendees or 100,000.
The Benefits of Cancellation Insurance for Your Event
There are many benefits of taking out cancellation insurance for event’s organisers. First, this type of insurance can provide financial protection in the event of cancellation. Therefore, it can help offset the costs of refunds, lost revenue, and other expenses.
Secondly, event cancellation insurance can provide much-needed peace of mind to organisers, assuring them that they are protected from financial loss in the event of a cancellation. Having peace of mind allows you to focus on making your event the best it possibly can be, rather than worrying about financial losses in the event of an unexpected cancellation.
Furthermore, it allows for flexibility in planning for an event. With bespoke event cancellation insurance in place, organisers can plan for worst-case scenarios and be prepared for the unexpected.
Common Types of Claims
There are numerous examples of event cancellation insurance claims, with a whole range of unforeseen circumstances that can occur. For instance, there might be bad weather conditions such as heavy fog at a spectator event or snow and hailstorms at a motorsport event.
Likewise, there might be flooding of local roads, which affects access to the venue. Less frequent examples include a terrorism threat at a national televised horse race, and a murder at a venue.
Overall, there are a diverse range of claims that have been made. At David J Miller Insurance Brokers, we’re capable of assisting organisers with a wide range of claims, with a varying set of circumstances.
Steps to Secure Suitable Protection
Planning an upcoming event and need event cancellation peace of mind? The knowledgeable team at David J Miller Insurance Brokers is here to help you. Our team can go over the different coverage options available to you, having an informal conversation and taking your contact details.
Following this, we can provide you with a competitive quote and walk you through our event cancellation insurance. We endeavour to make the whole process as smooth and straightforward as possible. We aim to ensure that you fully understand what is covered by the policy, and you’re satisfied with the service you receive.
Contact David J Miller Insurance Brokers
We’re proud to be a leading provider of event insurance solutions, having been established all the way back in 1965. Our experts have an extensive knowledge of the field. This means that we can provide cover for a wide range of organisers including businesses, individuals, associations and more.
Alongside this, we promise excellent customer service with competitive prices available at that time. Our in-house team can quickly provide quotes and arrange coverage. We always aim to provide you with a fast turnaround when you use our services.