QUESTIONS ABOUT EVENT ASSURED

How do I arrange insurance with Event Assured?

Just call us on  01376 330624 and we can give you advice on our products and your insurance needs. If you wish, you can download the relevant proposal form from this web site and then fax or e mail the completed form to mail@event-assured.com, and we will contact you to discuss your requirements.

Can I Arrange Event Insurance Online?

Yes, if you know what you want you can now buy Event Assured quality event insurance in a matter of minutes at our full cycle trading platform www.event-insurance-online.com . This offers the same quality cover at internet prices - the best value event insurance on the internet.

Do Event Assured charge fees for advice?

Not usually, as we are remunerated by commissions paid by the insurers. If a fee is appropriate, then we will discuss and agree this with you in advance.

Can I use my regular insurance broker?

Yes, we are pleased to do business with brokers authorised by the FSA (or similar regulators overseas). If you use another broker, then they will be responsible for giving you advice.

Will event insurance cost me less if I cut out my broker and go direct to Event Assured?

No. When presented with the same information and same event, we quote the same terms for clients who come to us via a broker.

Is Event Assured a broker or underwriter?

We are both, although we are not an insurer. We provide client service as a broker, but have certain facilities under agreements  (called “binding authorities” or ”delegated authorities”) with certain insurers where we have authority to underwrite and accept risks on their behalf within agreed parameters. The terms of these authorities are designed to offer excellent products at competitive premiums, and are regularly reviewed to ensure that we are carrying out a fair analysis. The insurers are underwriters at Lloyd’s or “A rated” insurance companies

So if Event Assured has binding authorities, are you only able to place insurance with the one underwriter?

Certainly not. Sometimes a risk is outside the parameters of the agreement, so we involve alternative insurers or underwriters in Lloyd’s. We are not tied to one insurer, and since we are not owned by an insurer, we have no obligation to place the insurance with them. Having said that, we know that our scheme underwriters are amongst the best in the world at what they do, so can generally recommend them for most events.

QUESTIONS ABOUT EVENT INSURANCE

What is event insurance?

Event insurance means different things to different people. Some mean “cancellation or disruption”, others say “liability insurance”. Others simply want to insure equipment at an event.

In fact, event insurance can cover all of these. Each of the Event Assured product range is designed to cover different areas of the events market – offering cover and extensions which are appropriate to that type of event. However, the cover is entirely flexible so that the insurance can be tailored to the needs of each client and each event..

Can we cover event cancellation due to terrorism?

Yes. Our underwriters are amongst the world leaders in this. Our policies include a better level of free terrorism cover, and a range of optional extra covers.

Event cancellation - what is free terrorism cover?

Some event insurers will provide some element of free terrorism cover causing cancellation or abandonment of an event. They do this either by including the risk but then limiting the size of event they cover, or by putting in a sub limit.

Read policy wordings carefully - some of our competitors don't offer terrorism cover atall.

Since 9/11 most underwriters offer this cover with time and distance limitations – for example they might offer cover up to £ 100,000 against a terrorist attack occurring within 7 days and 5 miles of the venue. This means that it would only cover an occurrence within those parameters, so if the attack was 8 days out, or more than 5 miles away, you would not be covered.

Event Assured now give free terrorism cover for events in Europe up to £ 500,000. This operates in respect of an attack at the venue at any time after taking out the insurance, and other than at the venue it applies within 30 days and within 25 miles of the venue. This would mean that if there were a terrorist attack at the venue 8 - 30 days out causing cancellation of the event then an Event Assured policy with free terrorism cover would cover the risk, whilst the competing one would not. 

Underwriters can usually provide cover to include threat (but not fear), and for wider and longer periods, but this will usually involve additional premium.

Since our underwriters (like most UK insurers) are members of Pool Re ( the government-backed reinsurer of terrroism risks), we can offer clients in England, Scotland and Wales very wide terrorism cover for events in England, Scotland and Wales at very competitive premiums. This has no time or distance limitations, and even includes nuclear, chemical or biological weapons terrorism. However, in accordance with Pool Re rules, it is a condition of this cover that you must insure all of your other business assets with a Pool Re member company, and that such cover includes terrorism. If you are not certain whether you comply with this condition, speak to your fire and other insurers. Terrorism cover is often available a very modest premium, and it can even be worth extending your fire insurance, just to gain the benefit of this cover for your event. There is more detail on this in our Summaries of Cover and product brochures.

Why can we not insure against fear of terrorism?

Sorry, but no - simply because it is impossible to define and fear means different things to different people, so is an intangible.

Can you insure against lack of attendance, ticket sales or interest?

No. These are trading risks.

What about reduced attendance due to some problem with transport, or similar?

Yes, this cover is generally available to events which can show an established pattern of previous gate receipts, against which a loss can be measured.

Can you insure against financial failure of a supplier?

Not under an event insurance, although we do have specialist markets for this type of risk.

How close to the event can I arrange cover?

We always encourage event organisers to arrange event insurance early as this gives best value for money. It may not be possible to arrange cover at very short notice, as the premium must be paid before the event takes place.

It is not usually possible to insure against adverse weather less than 14 days prior to the opening of the event, as long range weather forecasts are available, and if it is known that bad weather is on the way, the risk becomes a known existing one, so cannot be insured.

Can I insure against bad weather?

Yes.

If your event is indoors, and not in a temporary structure, then cancellation or disruption due to bad weather is covered as part of our standard cover. For example, if flooding prevents the organiser from getting equipment to an event, and this prevents the event taking place, then that is insured.

However, if the event is outdoors, or in a  temporary structure then cover is generally available, but the risk is underwritten individually, and the premiums are generally higher. The cover and premium will vary according to a number of factors including where the event is and the time of year. Ground conditions and the nature of the event are also relevant. As we explain in our literature, there is a range of covers available, and cover is tailored to each event.

What happens if my event still goes ahead but it is disrupted in a way that causes me to lose revenue or expend more money than I had planned?

Some event insurers only cover total cancellation of the event. Our event insurance goes much further and also covers postponement, relocation, abandonment or other significant deviation from the pre-planned programme, content or timing. It is always the preferred option to carry on with the event if at all possible and underwriters will, if economic, provide the additional sums necessary to maintain the event as close as possible to the original plan.

How much of the budget should I insure as I don’t stand to lose everything even if the event is completely cancelled?

Whether you choose to insure total revenue or just expenditure, the sum insured should be the total revenue or expenditure for the event.

When calculating the premium underwriters make allowance for the fact that a “total loss” is unusual. However, if you were to underinsure your event this could have the effect of reducing the amount paid in a claim in proportion to the extent of underinsurance. This is not to be recommended.

I am staging a charity dinner and the revenue that we expect is made up of the cover price and charitable donations on the night. How much can I insure?

The revenue from ticket sales and sponsorship can be insured because if the event is cancelled these amounts are easily proven. However, sums expected to be raised on the night may be uncertain, and are not always insurable. Charity events therefore usually insure pre-booked revenue only.

The exception would be an event which has been staged for many years for the same charitable cause, at the same time of year, at the same venue, with the same type of guests. Here you would be able to demonstrate a track record of “on the night fund raising” and underwriters will consider cover for a proportion of this.

Why are there so many restrictions and exclusions?

We have reduced these to a minimum, but there are four basic reasons for exclusions in insurance policies. They are either:

• Risks requiring special underwriting (e.g. non appearance of key feature persons, adverse weather), or
• It would be against public policy to insure them (e.g. deliberate damage smuggling or counterfeiting by the Insured), or
• They are trading risks  (e.g. lack of attendance), or
• They are the province of other types of insurance ( e.g. nuclear risks).

Have you ever paid a claim?

Oh yes, quite a few. Losses range from events being seriously affected by terrorism, weather, travel delays, transport that fails to leave or arrive, strikes, damage to venues, disruption to transport, property damage (including storms or hurricanes) and claims for injury or damage, and much more. The examples we cite in our literature have all happened to some one, at some time.

QUESTIONS ABOUT LIABILITY INSURANCE

What is the difference between employers liability insurance, public liability insurance and professional indemnity insurance?

Employers liability insurance covers legal liability for injury or disease sustained by an employee in the course of their duties. Most businesses are obliged to have this cover by law-  even if you only employ temporary staff.

Public liability insurance covers you against legal liability for accidental injury to other persons (other than employees) or damage to the property of other persons.

Professional indemnity insurance covers legal liability for financial loss sustained by another party (usually a customer) as the result of some error or omission or failure in the advice given, or other torts such as defamation, breach of copyright, or breach of confidentiality. It does not usually cover legal liability for bodily injury or damage to property (although for some professions, this can and needs to be insured – e.g. health and safety consultants).

What is “Limit of Indemnity”

It is the maximum sum that  the underwriters will pay in respect any one occurrence. Products liability and professional indemnity limits are also usually the maximum payable during the period of insurance.

What Limit of Indemnity should I choose?

We do not recommend limits of indemnity, as potential liabilities are unquantifiable, although we can suggest the factors you should take into account when deciding. Venues frequently specify minimum levels of cover. It is best to purchase as high a level of cover as possible commensurate with the budget for the event.

Am I a tour operator?

Many event organisers do not realise that if they sell a prearranged package of services consisting of two or more out of “travel, accommodation, and other tourist services” , at an inclusive price and for an event lasting more than 24 hours, a Package ( as defined under the Package Travel Regulations) has been created, and the organiser may have become an “Organiser” as defined in the regulations – more often referred to as a tour operator.  This creates additional potential liabilities and needs specialist insurance. We have a paper on this under the advice section of our web site – please read this for more information.

So how do I chose between Event Assured Liability and Event Assured Professional?

If you need professional indemnity insurance, then Event Assured Professional includes this. If you are an event organiser where part of your business falls under the Package Travel Regulations, then you should also consider Event Assured Professional, as it includes tour operator’s liability insurance.

If you do not need tour operator’s liability cover and organising your own event such as a conference, exhibition or special event, then you may decide that professional indemnity insurance is not necessary, If so, then Event Assured Liability provides the necessary employer’s and public liability cover.

Do Event Assured liability insurances cover just the event, or can I insure my whole business?

Our short period liability insurance is designed to meet the needs of individual events (or possible a number of events). Our annual policies are designed to cover the whole business for the year, since we recognise that potential liabilities don't start and finish with the event. If your business is diverse, we need to ensure that the business description is correct and complete and that all activities are disclosed to underwriters. This is why we ask a lot of questions - we like to get it right.

If the venue and all other suppliers to my event have liability insurance, do I need it myself if all I’m doing is bringing all the elements together as organiser?

Yes.

You cannot rely on other peoples’ liability insurance - it is not generally arranged for your benefit. The claimant may pursue a claim on the grounds that you owe a duty of care to your guests and visitors.

Even if the injury or damage is due to the negligence of one of your contractors, suppliers or the venue, as organiser you may well receive the claim in the first instance, and may find yourself in court. A legal liability insurance in your own name includes important cover for the legal costs involved in defending your position.

QUESTIONS ABOUT ALL RISKS INSURANCE

What types of Property can you insure?

Almost anything required at an event – from walkie talkies to marquees. Check your other insurances before you arrange all risks cover as you may already have some cover elsewhere – for example under an office insurance, commercial insurance, or a  computer insurance – these may have extensions to cover such property away from your premises.  There is no point in paying twice for the same cover.

My hire agreement says that if the equipment gets damaged whilst I’m using it, I am liable for the loss of hire charges whilst it’s fixed. Can I insure this?

Yes. Event Assured automatically include cover for loss of hire charges up to 25% of the value of the item insured. If you need more cover, please ask. 

If I’m hiring equipment from a supplier and they are also providing an operator, do I still need to insure it?

Check the hire agreement – these vary so it is important to tailor the insurance to the terms of your contract with the supplier.

I am being offered insurance by the hire company as part of their package. Should I take advantage of this?

It will normally cost less to insure it yourself. Simply ask the hire company for an insurance value for the equipment you are hiring and we will be able to provide a quotation as part of an event insurance.

What is the difference between “Reinstatement” cover and “Indemnity” cover?

Reinstatement cover means that the insurers will pay to replace the item with a new one which is equal to but not better than the item lost or damaged. This is usually the basis of cover under the Event Assured “all risks” cover, provide the sum insured represent the full replacement cost.

Indemnity basis means that the insurance will only pay for the second hand value of the item i.e. what you might get if you sold it.  This is its market value, not the written down value, nor what it would cost to replace, and so may be inadequate, particularly if the item is hired and the owner wants a replacement.

What about antiques, pictures, collectables or other items of special value?

These need special consideration. Neither indemnity basis nor reinstatement basis cover may be appropriate here. Indemnity basis may pay for another second hand picture, but it may not compensate you for the actual loss if the item has a special value.

Reinstatement cover may also not work, because if the item is unique, it is obviously irreplaceable.  The answer may be in arranging cover on an agreed value basis, which may need to be backed by an independent valuation.

How do I calculate my sums insured?

We cannot set these for you. However, we can say that the sums insured should represent the full value of the property, using whichever of the above methods of valuation is appropriate to the type of cover.

QUESTIONS ABOUT CLAIMS

How do I make a claim on event insurance?

Contact Event Assured at the numbers shown on your insurance certificate. Make sure you take your insurance documents with you to the event as these include 24 hour numbers for use in emergencies.

Why do you appoint a loss adjuster on some claims?

We handle straightforward claims in our offices. However, if the claim is large or complex, a loss adjuster will be appointed to assess and quantify the loss. He will also interpret the insurance policy and consult with the underwriters on settlement.

The adjusters we use are experienced in handling event claims, and so in addition they will work with the claimant to take action to reduce or avoid the losses, and can help “get the show back on the road”.

What if I cannot get hold of Event Assured and I have a party stranded at an airport?

The Event Assured policies make provision for you to act in an emergency, such that reasonable additional expenses will be covered, even if you have not got these agreed in advance – “reasonable” will naturally depend on the circumstances, but one measure would probably be  “if it was your money, would you spend it?”  The proviso is that you contact us as soon as you possibly can .

In practice, contact can usually be made, and a course of action implemented to deal with the crisis as it happens.

We recognise that the proof of the benefit of any insurance is in how the claims are handled. We do not farm this out to third parties, but stay involved from start to finish, even when a loss adjuster is appointed.