If you are planning an event, whether it’s a Corporate Conferences, Seminars, Live Concerts, Award Ceremonies, School & College Annual Functions, Wedding Ceremonies, Sports Events like Cricket, Hockey, Kabaddi etc. make sure you have appropriate event insurance in place, which can help protect your event from those unforeseen circumstances and losses to your business.
Need for Event Insurance
Event insurance protects event planners from a variety of mishaps in several specific areas of focus. There is general liability insurance and more specific coverage’s protecting against a range of potential problems that could negatively impact an event all the way up to and including cancellation.
Here is an overview of some of the ways event insurance works.
- General liability insurance is used to protect the insured involved in the event, against property damage or bodily injury caused by persons or employees of the insured. In most cases, venues will require special events insurance of no less than one million dollars and to be included on the policy.
- Liquor liability insurance This coverage is used to provide protection in the case of alcohol being erroneously furnished to a minor, or any statute, ordinance, or regulation relating to the sale, gift, distribution, or use of alcoholic beverages.
- Cancellation insurance is used to protect you in the case of cancellation due to unforeseen circumstances such as foul weather, or a vendor such as the photographer or caterer doesn’t show. This usually covers the loss of deposits and costs already paid in advance.
- Hired/Non-owned auto liability covers vehicle damage to vehicles rented for the event and injury to a third party.
You need an Event Insurance because society has become more litigious than ever. You always need to protect yourself as much as possible from the unforeseen and worst-case scenarios. This is for your protection as well as your employees and those attending your events.
- Event Cancellation: Protection from losses due to Cancellation of any event. This section also covers the additional costs or charges incurred by you to avoid or diminish a loss payable under the policy.
- Public Liability: Provides cover for third party liabilities (bodily injury / property damage) arising during the Event by an Accident in the Premises where it is held.
- Props, Set, Stage and Equipment: Cover for loss of or damage to the props, set, stage, equipment arising out of Fire and Allied Perils.
- Cash in Transit and Safe: Protection against loss In transit of money while carried by you or your Employees or from a Safe or Strong room, caused during the course of the event insured Period by Robbery, theft or any other fortuitous event.
- Personal Accident: Cover against Accidental Bodily Injury resulting in death or disability of the named persons in the policy during the event.
What’s not covered?
- Acts of God, earthquake, earth-tremor, volcanic eruption, flood, storm, tempest, typhoon, hurricane, tornado, cyclone or other similar acts or convulsions of nature and atmospheric disturbances.
- Deliberate, wilful, or intentional non-compliance of any statutory requirements.
- Fines, penalties, punitive or exemplary damages or any other damages resulting from the multiplication of compensatory damages, or arising out of any criminal liabilities
- Consequence of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, terrorism, insurrection or military or usurped power.
- Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel, the radioactive, toxic, explosive, or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.
- Claims arising out of any motor vehicle or trailer temporarily in the Insured’s custody or control for the purpose of parking. damage to property owned, leased or hired or under hire purchase or on loan to the Insured or otherwise in the Insured’s care, custody or control other than Premises (or the contents thereof) temporarily occupied by the Insured for work thereon or other property temporarily in the Insured’s possession for work
- Loss or damage to the Visitors’ clothing and personal effects.
If you are planning an event, whether it’s Corporate Conferences, Seminars, Live Concerts, Award Ceremonies, School & College Annual Functions, Wedding Ceremonies, Sports Events like Cricket, Hockey, Kabaddi etc. we at Emedlife will understand your need and recommend appropriate event insurance most suited for you. This can help protect your event from all unforeseen circumstances and losses to your business.
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For registration of claims and to learn more about our claims process please Contact our dedicated claims team for advice on an incident/claim.
D&O Policy protect company director or officer from legal liability arising out of actual or alleged wrongful acts in managing a company.
- The policy covers a wide range of litigation that could arise from customers, vendors, shareholders, employees.
- In addition to defence cost, it provides cover for :
- Investigation Cost
- Entity Protection against Employment Practice Liability claims
- Outside Entity Directorship cover,etc.