Symons said checking what was not covered is a key process in deciding if you need insurance . He noted that weather is a significant cause of loss for both indoor and outdoor events . “ The biggest problem is where there ’ s a mismatch between what the client assumed was covered , versus the reality of what the policy actually covers .”
Rice said it was possible to get cover for transport strikes , which have caused several events to cancelled or rescheduled in Europe in recent times .
“ There has to be a single common cause , and there would normally have to be a threshold that is met ,” Rice said , adding that insurance is a relationship game : “ I always recommend with my clients that they get to meet their insurers . Frankly , most people hope they
SIX ACTION POINTS / TIPS
Not sure where to start when it comes to organising your insurance cover while planning your event ? Planetplanit . biz offers these tips to help : 1 . Make inusrance a priority It is wise for event organisers to push insurance ( along with risk planning ) to the top of the To Do list . Leave insurance too late and you may not be able to find the cover you need . When should you buy insurance is a question for your broker or advisor but , in general , once money or contracts start being exchanged could be a trigger . 2 . Shop around for quotations Around 10 years ago there was a small number of providers but that number has now grown substantially and you could start by working down the list of suppliers listed on Google . Do ensure you get all quotes in writing . 3 . Eliminate jargon If you do not understand the insurance cover , have it explained to you . won ’ t claim on their insurance policy , but it ’ s harder to say no to someone when you have met them personally .”
Symons said that with increased costs and when margins are down , “ it ’ s so important you know what you ’ re spending your money on ”. “ It ’ s worth putting the time in and opening that conversation with the insurer and broker ,” he added . Tsangari concluded : “ If you can afford not to have insurance then don ’ t have it . But the world isn ’ t black and white , it ’ s grey . That ’ s one of the reasons why we have insurance . If you don ’ t have insurance , you have no chance . What can you afford to lose ?”
Value CMW asked industry expert Paul Cook of Planetplanit . biz and former event insurer what he thought of the value principle today in events insurance . “ Insurance carriers are always on the
Understand what is and what isn ’ t covered . Use ‘ What if ’ questions until you are happy that you understand what would be covered by the policy . 4 . Be clear on the cover you are looking for It is costly to duplicate insurance but more costly not to have the correct insurance in place . A broker or adviser will be able to help , including what the exclusions are and how they could impact you . 5 . Understand the price How much does it cost ? And be sure to know the total amount including any tax and handling charges . 6 . Make sure you have fully described all the activities that will take place at your event Provide all information that relates to your event ( business ). Would you want a claim turned down because you had filtered out information that you thought the insurers didn ’ t need to know ? Refer to your adviser if you are in any doubt .
Expert discussion on event insurance in London recently
search for new innovations to help give them the edge over their competitors . In addition , they have their own underwriting criteria whether to accept or decline risks . Being that there is a healthy degree of competition , it is always worth being crystal clear on what exactly is offered as coverage .
“ In recent years , issues such as terrorism atrocities , Covid-19 and a volcanic ash cloud led insurers to scramble . Unfortunately , an initial reaction is that insurers tend to restrict or withdraw cover across the board . However , when the dust settles ( no pun intended ) they reflect and decide on what they can do to make their cover attractive once again . For example , certain elements of cover may be added back in , subject to underwriting conditions and an additional premium being made .”
The test that many policyholders use to assess the value of an insurance policy is whether a claim is paid or not . However , this basic measure is too simplistic . It doesn ’ t factor into account other important benefits that insurance coverage provides .
Paul Cook again : “ The most obvious value is that insurance provides peace of mind . The exchange of a premium in return for knowing that a loss will be met is a huge relief for many .
“ If you are in the fortunate position of having significant financial reserves you may be able to withstand a loss . However , most prefer to spend a small amount of money on an insurance policy rather than have to liquidate their funds .” n
ISSUE 123 / CONFERENCE & MEETINGS WORLD / 25