Special Events Insurance

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There are many different types of events that can be insured. Insurable events include Weddings, Sporting Events, and community festivals. A huge event that’s coming up in August 2016 is the Summer Olympics being hosted by Rio de Janeiro. There is a lot of news about many worries people are having because of the recent Zika virus. A press release issued in March stated that one in five people infected could develop symptoms within three to seven days. According to the CDC, at least 50 people in the United States have been infected by the virus.

Now, what exactly is the Zika Virus? The Zika virus is an infectious disease spread primarily by mosquito bites. Symptoms are typically mild, but according to the Center for Disease Control, there are reports of the infection leading to “Guillain-Barre syndrome and pregnant women giving birth to babies with birth defects and poor pregnancy outcomes.” The CDC issued the first Zika virus travel health alerts for the Caribbean, Mexico, and other destinations on January 15, 2016.

Typically insuring a sporting event like the Olympics or the World Cup is a big deal. They are handled in the same manner as other high profile events. The coverage comprises of three main categories: liability, event cancellation, and property damage.

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Wedding Insurance

Wedding Insurance pretty much speaks for itself. It protects the couple’s investment from circumstances beyond their control and reimburses expenses incurred. Three good examples given by The Knot are having to hire another Limo Driver the day of the wedding because the current one bails, the groom’s tuxedo goes missing, or if the reception space goes out of business a month before the wedding and you have to book another space.

Festival Insurance

Festivals and Concerts also require general coverages like event cancellation, liability, and property damage. This type of insurance is essential to keep your organization or nonprofit protected in case someone is injured during your event. It also protects against equipment damage. When buying insurance talking to an agent and being specific about what kind of event is being planned will help get the best coverages available. Information that must be ready is the name of the event, mailing address, type of event, (festival, concert, fair, horse show, etc.), dates of event, and Types of risks to be covered (fireworks, concert, golf carts, parade, etc.).

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Some of the more recent suits reported by insurance carriers to have happened during special events:

  1. Tripping over electrical cords running to vendor booths.
  2. Mini car in parade hit child that jumped into street.
  3. Amusement ride failed to function properly and toddler was thrown out.
  4. Festival BBQ was done as fundraiser, and meat was not cooked properly causing sickness to consumers.
  5. Golf cart being driven by festival board member hit the side of a booth trying to avoid people in the street, and damaged the tent poles resulting in a loss of income to the vendor.
  6. City power could not support vendors, and several with frozen product loss their entire inventory before power was restored.
  7. Horse in parade went crazy when the fire truck horn blew and ran through crowd injuring several spectators.
  8. Venue could not support power for the band and they blew all the circuits to the venue. Stores on premises at this outlet mall lost power and revenue for the two hours it took to get it fixed and the festival lost money because all the spectators left. (Always have backup generators on hand.)
  9. Lawn mower racers overturned and went into crowd injuring several, and the driver of the lawn mower sustained back injury during festival.
  10. Child fell off float when leaning over the side to throw candy. Festivals should be fun and provide entertainment to the community or the venue where you are. They can be safe if all risks are determined in advance and measures are taken to avoid or transfer the risk away from the festival.

 

Sources

  1. Claims Journal: http://www.claimsjournal.com/news/international/2016/06/06/271386.htm
  2. Insurance Journal: http://www.insurancejournal.com/news/international/2012/04/18/244043.htm
  3. The Knot: https://www.theknot.com/content/wedding-insurance-101
  4. Festivals & Events: http://festivalsandevents.com/festival-planning/Event_Insurance.shtml
  5. Biz Journals: http://www.bizjournals.com/memphis/stories/2003/03/03/focus2.html

 

– Karin

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