Accidents happen, anything could go wrong at an event or outdoor festival- from adverse weather, accidents involving staff or the public, non-appearance of celebrities, equipment failure, even criminal gangs on thieving trips.
Events and festivals bring together crowds of people. Whether you’re a large venue, small club or anything in between inevitably, something somewhere can go wrong.
This is where insurance comes in.
O2’s Specialist underwriters can advise on the risk and what policies best suit the situation, for events there is no one-size-fits-all insurance package – cover depends on a number of variables including the location of the event, loss history, alcohol, duration of event, etc.
These are some of the essential parts of an insurance policy that need to be included when purchasing an event insurance policy.
General Liability Coverage:
The venue where the Event is being held will likely require proof of General liability but it is the foundation from which all other coverages are built.
General Liability protects you if you damage someone’s property or someone is hurt during your event. Your policy will cover the cost to repair damages as well as pay medical expenses and legal fees.
What information will you need to gather prior to applying?
-How many people will be in attendance?
-What exact coverage and limits are required by the venue?
-What is the average age of spectators?
-Is the event held inside or outside?
Vendor Insurance Coverage: Most festivals and events have food and merchandise vendors. It’s important that they each take responsibility for their own activities and the possible claims that might come up. To avoid having to be responsible for the actions of others it’s important to make sure all vendors carry their own insurance coverage. It is also recommended that you require them to provide you with proof of insurance in a way of a COI (Certificate of Insurance).
What you should require from vendors.
-A Certificate of Insurance from each vendor.
-Ask each vendor to name you as an Additional Insured on their policy.
-Do you require limits equal to yours or something else?
-Do you have a contract in place with each vendor? If so, does it outline the insurance requirements?
-Does your General Liability policy offer a sub-policy for vendors?
Liquor Liability Coverage:
Under the General Liability portion of your policy there is no coverage when it comes to claims that arise from the sales of alcohol. In other words, if a patron is intoxicated and hurts themselves or another person and faults you, there’s no insurance coverage available to pay those claims. If your event includes the sale of alcohol the Liquor Liability coverage should be in place. The person that has the liquor license and sells the liquor is the one who needs to have this coverage. If that’s you, the producer, then the best thing to do is ask that it be added to your General Liability. If it’s a vendor, then the vendor can either add it onto their General Liability as an “endorsement” or purchase a separate policy.
-Who is buying the liquor license and selling the alcohol?
-What training have the serving staff had?
-What is your or their Limit of liquor liability Coverage?
Event Cancellation Coverage:
There are many reasons as to why your event may need to be cancelled. A performer may not show up due to travel issues, sickness, double booking, or a civil action which prevents it from taking place. If you must cancel or relocate your special event this coverage will help with costs incurred.
-What is the probability that your event could be cancelled?
-How difficult would it be to move your event?
-Do you need Event Cancellation that includes adverse weather?
Making sure your event is a success it’s just about purchasing the right insurance policy, it’s also about proper risk management and the awareness of overall safety.
O2’s team can help ensure your event takes place as seamlessly as possible.