Event Cancellation Insurance
Event Cancellation insurance protects your organization against cancellation by unexpected events.
This coverage can be as broad or as narrow as you desire and your event necessitates. The premiums start out very affordable for basic coverage and increase with each risk you protect against. For example, a $10,000 policy protecting only against high winds (perhaps a hot air balloon festival) might only be a few hundred dollars. One the other side, a large state fair seeking protection against rain, wind, no-show of performers and fire will likely spend over $100,000 for the insurance.
Coverage is able to be highly customized and tailored to you exact needs.
When coverage was needed most…
A small town Rib-Fest was cancelled due to events beyond the organizer’s control. The expenses incurred to set-up the event were able to be reimbursed by the event cancellation insurance the group had purchased, saving the organization thousands of dollars.
In another scenario, a trade show planned a three-day indoor exhibition of products and services available through the organization. Unfortunately, the building and security staff of the hall they rented went on strike and the show’s last day was unable to proceed. The costs were refunded by the hall, but the lost revenue from the event was not. Thankfully, the trade group purchased event cancellation insurance and the lost profits for that day were given to the group by the insurance company.
The following risks can be added to a policy:
No-shows by key people