Understanding Event Insurance
Special event insurance (also sometimes referred to as just one-day event insurance) helps to protect your investment in any event, including a wedding, anniversary party, quinceanera, backyard barbeque or other special occasion. Event insurance can also help to cover your expenses if you are found negligent for an accident or if you unexpectedly have to cancel your event. Some insurers offer event insurance with an additional feature that pays your mortgage, so you don’t have to worry about losing your home in the event of a cancellation. If you plan well enough, you can find good rates on event insurance for your special event.
The type of coverage you need will depend upon the type of event you are planning, the attendees and sponsors, and the nature of your rental or facility. Most policies will offer coverage for things like personal injury, property damage, liability, and lost deposits. This last item covers any money that your guests may forfeit or have to pay you when they are unable to make it to your event. Depending upon your coverage, this could include payment for the rental car, caterer, or other out-of-pocket expenses.
Before you purchase any special event insurance policies, you should be aware of what you are getting yourself into. First, you need to know the type of coverage you are purchasing. Each type of coverage has different limitations and can have higher premiums than the ones listed below. One of these limitations is liability policy, which will cover the owner or venue owner of the event for any injuries or damages that occur during the special event and the insured individual’s belongings as well.
Some insurers offer special events coverage with a liability policy combined with their property and/or asset protection policy. If you are just renting a venue for special events, you don’t need this type of coverage. However, if you own the venue and renting your name as the venue owner is not your full-time job, you should consider purchasing liability insurance. You can expect your venue to be sued by people that cause injuries and damages to the attendees of the event if they are harmed due to negligence on the part of the venue owner or the owner of the property. If this happens, you will be responsible for paying all of the bills for medical bills, pain and suffering, lost income, and other items.
Event special event insurance policies will cover you for any legal fees and expenses that arise from legal issues that may arise from lawsuits that are brought against you or your business while being held at your venue. The legal fees and expenses that you may be responsible for can add up quickly, especially if a case goes to trial. You can also get coverage for any legal expenses and fees that are spent by your attorney in dealing with any claims made against you. Additionally, you may want to purchase additional coverage to cover any damage that is done to your property. In many cases, damage caused by vandalism or theft can be covered.
Many policies will also provide coverage for cancellation fees that may be assessed at the last minute. Your policy can either require that you pay a non-refundable deposit at the time of booking or that you pay a fee equal to one day’s deposit if your event is canceled within a day of booking. The fee may also include processing of your claim, providing you with a credit or debit card, and providing you with instructions on how to submit your claims. Policies may also include coverage for sporting events held outside of your country that are held on foreign soil. Coverage can also be purchased for travel related events such as auto racing, golf tournaments, and similar types of sporting events.
Coverage can also be purchased to cover personal liability or property damage. This coverage can help reimburse you for any medical bills, losses suffered during the event, and for any property damages you may sustain. In some cases, your policy can also cover legal costs related to any legal action brought against you. In addition, you may receive coverage for lost or delayed baggage, missed tickets, rental car costs, and for transportation-related expenses. If you book packages on-line, you may also receive special event insurance discounts for purchasing in bulk.
You may also want to purchase special event insurance if your venue has special events on the schedule. Coverage can provide you with liability coverage should someone get hurt while at your event. Also, property damage coverage provides you with protection in the event that something is damaged on your property. This coverage can help cover things like damages that occur due to vandalism or theft. You should always talk to your agent before making any decisions regarding your special events.