Symons . “ Insurance is a product like any other . If it doesn ’ t do what it ’ s meant to do , then clearly there ’ s a fault in that product .”
Rice added ; “ You get what you pay for . There is a clear difference between an off the shelf product transacted in a non-personal way and having a relationship with your insurers which can hopefully deliver pleasant results .”
Tsangari says Montgomery was grateful to have a communicable disease extension in place pre pandemic , meaning it was one of the only companies in the industry to successfully make a claim on the back of the Covid-19 outbreak .
“ When we took out the policy and kept renewing it , it wasn ’ t costing that much more – so why not have it ?” he said .
Symons said checking what was not covered was a key process in deciding if you need to cover . He adds that weather is a significant cause of loss frequency , for both indoor and outdoor events . “ The biggest problem in my experience , and this is in the minority , is where there ’ s a mismatch between what the client assumed was covered , versus the reality of what policy actually covers .”
Rice said it was possible to get cover for transport strikes , which saw several shows cancelled or rescheduled in June .
“ The parameters of it is that there has to be a single common cause , and there would normally have to be a threshold that is met .”
He adds that insurance is a relationship game : “ I always
“ If you don ’ t have insurance , you have no chance ”
recommend with my clients that they get to meet their insurers in advance . Frankly , most people hope they won ’ t claim on their insurance policy , but it ’ s harder to say no to someone when you know them .”
Symons says that now , more than ever , with increased costs and when margins are down , “ it ’ s so important you know what you ’ re spending your money on ” in a post-Covid world . “ As boring as insurance is , it ’ s worth putting the time in and opening that conversation with the insurer and broker .”
Tsangari concludes ; “ If you can afford not to have insurance then don ’ t have insurance . If everything was black and white , it would be a very different world . 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 ?” EN
December — 47