Protecting/Insuring Your Event and Company


(Mark Clayton) #1

Insurance isn’t the most exciting topic I grant you but it is essential if you wish to protect your company, your event and your income.
Venues are becoming stricter around existence and levels of insurance during tenancy. The ever unpredictable weather is causing more disruption to events. The possible exposure to UK (and broader) events if either the Queen or Duke of Edinburgh unfortunately passes away just before build-up and the show can’t be put on due to the State National Mourning Period - These are all issues regularly raised by Organisers.
What other issues do you Organisers fear? Maybe these other concerns can be insured against as well…?


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(Monika Koch) #2

I sometimes wish there would be affordable insurances for the various kinds of issues that I have to face in the outdoor/wildlife events sector :stuck_out_tongue_winking_eye:

So far I am putting it down as the risks that I am willing to take for my business - and for the fun that I have as well, when things run smooth. (I have a liability and a business car insurance and that’s it actually.)

  • You mentioned it, weather is a big issue for us, of course; we can deal with rain or ‘extreme’ temperatures on our events, but we cancel for security reasons if the wind speed is forecasted with 40+ miles/hour. The storm on Easter Sunday 2016 ruined my best booked event last year. We mention this possibility in our T&Cs and people understand and accept it, but if it happens, it ends with a loss of time and money for me.

  • A couple of my events depend on rare wild animals showing up at the right time at the right place. Much is up to the skills of the guides; but if ‘our’ rare birds doesn’t survive migration, get unlawfully shot down over Malta, never turn up on their usual location or a ‘naughty’ beetle destroys their breeding habitat in a mild winter (and they get more frequent with climate change too) - I have to relocate or call off a whole series of events… It hasn’t happened in this extreme so far, but things get tougher year after year and you can imagine my worries in spring when I check if this bird and its mate have returned safely from their long journey to Africa and back to their favourite spot on the Suffolk coast.

Just some thoughts from a tiny niche business. It might not be the reply you were hoping for, but might illustrate that not everything in life is insurable - probably?


(Mark Clayton) #3

Monika

  • Adverse Weather insurance is available and rated based on statistical data. You can insure your expenses and even your expenses plus profit. The more exposure the higher cost. If you limit the cover you require to the eventuality that will cause a catastrophic impact to your business you may be able to find affordable insurance. Just bear in mind insurers (and brokers) have minimum costs for creating and arranging a policy so make sure if you are told this is the minimum premium, ask the question ‘can I get more cover for the same premium?’
  • Intersting. We arrange insurance for Contractual Non-Appearance of artists/speakers but cover for the ‘non-appearance’ of wild animals which aren’t contractually obliged to turn up is probably beyond the insurance markets capability I’m afraid.

Good luck with your events, regardless of the weather.

Mark


(Monika Koch) #4

Thanks Mark, I will keep your advice in mind.