Sunday, September 23, 2012

Event Cancellation Insurance


Event Can Plus Insurance 
Events large and small have one thing in common—they take lots of planning and involve significant expenditures. When planning an event, organizers anticipate every possible scenario and have contingency plans for each. But there are some circumstances that are beyond one’s control—and they can have a severe impact on the financial investment in the event. Natural disasters, lost supplies, airline strikes, power failures—all can dramatically impact events, and all of these scenarios are out of the organizers’ control.

We are pleased to announce that it now offers Event Can Plus Insurance through our MGA to cover lost revenue and/or expenses incurred because of unexpected cancellation or disruption of a planned event. Conferences, conventions, trade or consumer shows, meetings and seminars are just some of the business events that are prime candidates for this type of coverage. 

Coverage Details
  • Policy Form - The insurance is written on an occurrence basis
  • Capacity - Limits up to $5 million
  • Minimum premium - $350 
  • Territory - Events in Canada only
Eligibility
The target market for this coverage is planners of events such as business meetings, conferences, conventions, trade and consumer shows. This is because many of the professionals, associations and entities for which we provide liability insurance frequently hold events of this nature. However, coverage may also be available upon inquiry for other types of events.


Losses That Qualify for Reimbursement/Coverage
  • Cancellation
  • Curtailment or abandonment 
  • Postponement 
  • Removal to alternate premises 
  • Failure to vacate 
  • Enforced reduced attendance of attendees or exhibitors
Other Details
  • Lloyd’s is the insurer
Claims Example:
Event Cancellation

• A storm that hit  the West Coast; led to the cancellation of; an auto parts exchange show. Drains in the parking lot of the stadium where the show was to be held were not working and the lot flooded, preventing access to the facility by both exhibitors and attendees.

• A well-known author was scheduled to give a keynote speech at a community-wide open house organized by a university in the Pacific Northwest. The author was unable to attend due to illness and the university’s open house weekend was cancelled.

These Claims Examples are for illustrative purposes only. Please remember that only the insurance policy can give actual terms, coverage, amounts, conditions, and exclusions.

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