Event

event insurance

Events Liability Insurance

To insure the Evens Coordinator against liability. (Example: The coordinator is guilty of negligence when the light falls on someone or the stage collapse.)

Event liability describes damages for which the event organiser becomes legally liable to pay to third parties following accidental death or bodily injury or illness of any person. It also covers loss of damage to their property.

Events Cancellation

This allows you to insure the costs involved should an artist, band or guest speaker don’t show up or the event is cancelled due to other unforeseen causes.

This insurance is required for any type of event, including exhibitions, concerts, and conferences, processions, festivals and sports events.

Examples

Damage to the Venue
Breakdown of technical equipment
Government intervention like national mourning
Labour social and political disturbance.
Non-appearance of an individual or a group of performers due to illness, death and accident and/or travel delays. Catastrophic non-appearance of a number of persons or group of persons (Group of delegates)
Adverse Weather for events in open. (Please note that cover for this extension must be bound 14 days prior to inception of the policy)
Events Cancellation due to weather perils: These are normally outdoor events.

Price Indemnity Insurance

Price indemnity insurance is a form of cover that reimburses the insured and/or sponsor in the event of a win for the cost of the prize.

Different types of price insurance

Awarded in golfing circles in the event of a hole-in-one.

In such cases a price is offered to athletes who succeed in breaking an existing record or exceeding a standard laid down for a particular discipline in the past. The best known forms of this insurance is the possibility that the world record will be broken during an athletics contest.

Many Sponsors also contribute to performance bonuses paid to the sports teams or individual athletes who they support and take out insurance in the event that their protégés win a championship or in certain cases reach a top place in the ranking for their particular sport.

Another form of price indemnity insurance relates to prizes that are awarded by the general public. Such events are generally associated by advertising in which the possibility of winning a prize is used as a means of drawing in public. In the course of time a number of different forms of contests have been developed, most of which can be insured. The most common of these include the following:

Safe Combination contests: Participant must guess the correct sequence of numbers required to open a safe containing the price.
Soccer / Rugby goal contests. These usually involve kicking a ball through or over a pre-determined target.
Fishing Competition: This involves tag and weigh fish competitions.
Product Placements: Consumer may win by buying the “lucky” product with the predetermined winning number.
Casino / Gambling Competitions: This involves prizes awarded for contestants achieving an out-of-the-ordinary lucky break such as pre-determined roulette wheel numbers dice or card games.

This product offers an amount for accidental death and injury for a ticket holder of an event during a time frame before the event and after the event.

The coordinator can decide on the type of insurance needed ex. liability or only cancellations or crowd cover. The combination of these insurance policies is dependent on the specific needs of every event.

Which factors influence the premiums of these policies?

The type of structure used (fixed or temporary);
The history of the artist, band or guest speaker (for example of they are used to cancel events on short notice or not);
Is the event indoors / outdoors.
The security measures in place (JOC’s etc.)
The type of event (any hazardous factors like playgrounds, merry-go-rounds etc.)
The expenses you want to cover.
The Crowd Cover is a fixed premium per person attending the event and can be negotiated based on the amount of events you insure.