Festival season is upon us once again, and while excited gig-goers’ main concern is often the great British weather, event organisers have a whole host of issues to worry about, from a key performer cancelling last minute to unforeseen event postponement (and, also the weather!)
It’s not just music festivals; from global sporting occasions, conferences or exhibitions to a local village fête or exclusive client hospitality, the many factors you are in control of when hosting an extraordinary event can be undone by the one that you can’t.
So, as an event organiser, what can you do to protect both your business and your attendees from the unwelcome unexpected?
Event Cancellation insurance is a type of insurance policy designed to protect event organisers against financial losses that might occur if an event is unexpectedly cancelled, postponed, or interrupted. This insurance can cover a variety of events, including weddings, concerts, corporate events, festivals, and sports events.
As an event organiser, sponsor, brand owner, broadcaster or exhibitor, you invest significant project management time, resource and set up costs in delivering a successful and memorable event. If the unexpected occurs, having the right insurance in place protects those costs, expenses and revenues, reducing the impact on your business.
Natural disasters, inclement weather, or an act of terrorism, political crisis or celebrity non-appearance are just some of the factors out of your control. If the unforeseen occurs, protecting your financial liabilities ensures you are not left out of pocket and can focus on implementing the solution or rescheduling your event.
Key components of Event and Contingency insurance
Cancellation, abandonment or postponement
Protecting against the cancellation, disruption or rescheduling of an event. This cover reimburses the organiser for lost revenue or additional expenses incurred if the event cannot proceed as planned due to any unforeseen circumstances beyond your control.
As an extension to Cancellation coverage, if the event is reliant on a key person, their non-appearance could cause the event to be cancelled. Provided this coverage is purchased, the resulting financial loss can be covered.
Terrorism insurance protection
Protects against acts that are tough to foresee and difficult to measure. Policies may cover cancellations due to threats of terrorism or political instability in the location where the event is to be held.
Weather Risk insurance protection
‘Adverse Weather’ is automatically covered under the standard Cancellation cover for indoor events, and if an event takes place outdoors or in a temporary structure, it can be covered at the appropriate cost. Weather Risk Insurance Protection can also be purchased in the event that specific weather conditions occur.
Death, Disablement and Disgrace protection
If you have to withdraw an advertisement due to unfortunate circumstances surrounding the ‘hero’ of your campaign, you could be left with a substantial bill. A Death and Disgrace policy can provide protection, generally for up to a year from the completion of filming and cover can also be arranged prior to commencement of filming.
Prize Indemnity insurance
Protects your balance sheets when a large prize is offered by your organisation, covering your obligation to award the prize if someone wins in an insured competition. We can assist in providing insurance for prizes and have the expertise to assist in prize risks, both chance and skill related.
If you are an event organiser, no matter the scale or type of event, Griffiths & Armour can talk you through all the eventualities and the cover available to offer you:
Financial protection
Organising an event can involve significant upfront costs, including venue rental, catering, marketing, and travel arrangements. Event cancellation insurance helps mitigate financial risk by covering these costs if the event is cancelled or interrupted.
Peace of mind
Knowing that there is a safety net in place allows you to run your events with greater confidence, allowing you to focus on creating a successful event.
Compliance and contracts
Many venues and vendors require proof of event cancellation insurance as part of their contractual agreements. This ensures that all parties are protected in the event of an unforeseen cancellation.
Reputation management
Cancelled or postponed events can damage your reputation. Insurance can help cover costs associated with rescheduling or managing the fallout, helping to maintain good relationships with attendees, sponsors, and other stakeholders.
Comprehensive risk management
Beyond financial losses, event cancellation insurance can help cover legal liabilities and additional costs that arise from an event’s disruption, providing a comprehensive risk management solution.
Griffiths & Armour offers specialist advice, bespoke risk management and insurance solutions tailored to your individual event, giving you peace of mind that, whatever happens, you’ve put the right measures in place to protect both you and your attendees.
We sadly can’t control the weather – so pack a rain poncho just in case!
Based in our London office, our team of event and contingency insurance specialists have extensive experience of advising a wide range of our clients and event organisers on bespoke risk and insurance solutions for major events.
If you’d like to talk through the specialist cover available for your event, please get in touch.
