Q. When should I buy my Event insurance policy?

A. The simple answer is you should buy Event insurance as soon as you have signed the venue contract or are receiving revenue, because from that point on you have a liability and revenue to protect. Should there have to be a cancellation, postponement or relocation of the event, these costs and the income generated must be protected. 

Q. Why would I pay for Event insurance now when there is still some uncertainty around 19th July?

A. Irrespective of what happens on 19th July you will still be collecting revenue from your Event or Exhibition that needs to be insured. If the event is not able to proceed on the planned dates, our Insurers are being incredibly flexible and adjusting the Event Insurance policy to maintain the cover provided. 

Q. Covid is the biggest risk to our event – what else does the Event Insurance policy cover?

A. There are a huge amount of risks to an event which need to be considered. Issues at the venue (fire / flood / unplanned building works / double booking / incident at previous event preventing access), National Mourning, terrorist attacks / threats, weather related issues and of course the unknown, could all lead to the cancellation or abandonment of your event or exhibition. This is an ‘all-risks’ policy so if it is not specifically excluded, it is insured! Remember the Volcanic Ash issue a few years ago……?

Q. Is National Mourning cover available?

A. Being such a specialist Broker, we are still able to insure for a period of National Mourning. Insurance is normally for ‘sudden and unforeseen’ perils but, unfortunately, we all know this will be an issue in the future and therefore you need protection for this. Some Insurers are refusing to offer any cover for anyone over 70 years of age, but we can include Date of Death and Date of Funeral to the cancellation policies. This cover is unlikely to be available forever so this is something to consider sooner rather than later.

Q. What if I have rolled over my revenue from a previously rearranged event?

A. If you have rolled over your revenue and venue contract then you need to insure the new event as soon as possible, as you have something to protect already.

Q. If I leave purchasing Event Insurance until closer to the event dates, will it cost me less?

A. Absolutely not – the cost of the Event Insurance policy is the same whether you buy it 1 week, 1 month or 1 year before the show as you are still insuring for the same amounts regardless of when you purchase the Event Insurance. The factor that determines the premium, is the amount you want to insure not the length of the policy, so there are huge benefits in putting the policy in place as soon as you sign the venue contract or start taking bookings. In fact, if you leave it too long before buying your Event Insurance, and something happens that would affect the premium or the Underwriters perception of the risk, the rates may well go up meaning the premium may go up, or certain covers may not be available at all, so it really is best to insure your event as early as possible.

We have only covered a few of the many questions we get every day so if you can think of any more why not drop us a line and we can answer whatever else it is you want to know.

Mark.Blair@inevexco.co.uk / 07834 158074