Professional Event Organisers - you can still sell event and travel insurance to your corporate clients!
+44 (0)1376 330624
Travel Insurance
Event management agencies will be aware that the Financial Services Authority started regulation of the sale of travel insurance with connected travel services from 1 January 2009. This meant that most travel agents and tour operators had to obtain authorisation either directly with the FSA, or as an appointed representative of an authorised insurer or broker. This could have been very damaging for event organisers who have traditionally arranged travel insurance for delegates on group business, conference and incentive travel.
However, The Eventia Regulation Committee, working with Event Assured, has persuaded HM Treasury to maintain the exemption from this regulation for event management companies in respect of events which they are managing where the customer is a business with a turnover in excess of £1m per annum.
Event Assured were able to provide statistics dating back to the early ‘90's which demonstrated an exceptional level of consumer satisfaction, and no risk of consumer detriment arising from the sale of travel insurance by professional event management companies. On the contrary, there has been positive benefit for consumers.
This is a very important concession and, for most agencies, means that they can continue to provide this valuable service to the overwhelming majority of their commercial customers.
Event Insurance too!
Event insurance is a vital aspect of risk management in events. We have been working with event management companies since 1990, providing cover for their clients' events. We have dealt with some interesting claims over those years - from relatively minor travel disruption, through to the cancellation and rearrangement of events following 9/11.This has benefited both agencies and their clients, but many thought that this would no longer be possible with the introduction of FSA regulation - not so!
Working with Eventia Parliamentary Advisor John Greenway MP, we met with the FSA at a very high level and explained that because of the unique relationship between agencies and their clients, the occasional arrangement of event insurance within the event management process was not insurance mediation by way of business, and so is not a regulated activity. This means that event management companies can (and should) include event risk insurance in the services they offer to corporate clients. We are here to help advise you both on how to arrange the correct cover for each event.
For more information, call Brian Kirsch on 01376 330624
