During a wedding, a show, a concert or a business seminar, standard insurance contracts do not protect the insured, whether an individual or a professional. Event insurance is a tailor-made policy that covers the potential risks associated with different types of events.

The notion of a special event

Too many individuals assume that the liability of their home insurance covers the organization of an event such as a private reception held outside their home. This is sometimes the case and as it is a gray area in insurance, it is wise to check with his insurer beforehand. However, as a large part of insurance excludes these risks from their guarantee, applies deductibles or imposes compensation limits, it is preferable for the individual to subscribe event insurance perfectly suited to the event he organizes. The event organizer must also sign a custom contract.

The civil liability of the organizer

When renting a room or other venue for an event, one becomes responsible for the bodily, material and financial damage that could be caused both by the team of organizers and by the participants or the guests. Most companies renting rooms require a certificate of insurance with a coverage amount of one to several million dollars. The organizer must take out insurance covering this amount, or even more if he considers it insufficient in case of major damage.

Financial risks related to the cancellation

Depending on the type of event, the insurance can also cover the financial risks associated with its organization. For example, it may be necessary to cancel a business convention, a sporting event or an outdoor show because of adverse weather conditions or a strike of carriers preventing the public from accessing the place of the event. The insurance can reimburse the organizer the production costs as well as the payment of the providers, the stamp of the artists and even in some cases, cover the additional expenses related to the displacement of the event.

Theft and breakage of materials

During the event, equipment belonging to the organizer, but also to the lessor of the room or to third parties may be stolen. Event insurance may include a clause to compensate owners.

The civil liability of artists

It is not uncommon for insurers to include in event insurance contracts a clause to cover the liability of artists. This is particularly the case for shows with pyrotechnic effects, which require in addition to the implementation of a series of appropriate preventive measures, specific coverage.

Medical expenses and repatriation

In the case of an accident occurring during an event, for example, a business convention organized abroad, the event insurance may cover the health costs incurred on the spot as well as the expenses related to repatriation, injured collaborators or participants. An extended warranty may even provide disability and death cover for all participants.

The organization of an event involves risks and many risks related to the rental of the site as well as the use of expensive equipment, weather or public safety. Depending on the risks determined, the organizer must negotiate tailored event insurance in order to benefit from a coverage adapted to his needs.