Special Events

Arranging an event can result in high costs and financial commitment incurred from the planning stages onwards. If an event is cancelled or abandoned, costs will almost certainly be irrecoverable whilst relocation or postponement can cause extra expense for organisers and other parties involved.

Financial loss could include:

• Costs which have been incurred but cannot be recouped
• Any form of income received but which must be returned (such as admission fees, sponsorship monies, merchandising contract payments and broadcast rights payments)
• Additional costs incurred in postponing or relocating the event, or in minimising the loss
• Loss of budgeted profit

What is event cancellation insurance?

Event cancellation insurance will indemnify the Insured for irrecoverable costs if an event has to be cancelled, abandoned, postponed, interrupted or relocated due to any cause beyond the control of the Insured or other party essential to the fulfilment of the event, except under those circumstances which are specifically excluded.

Cover is available on an individual or multiple event basis, the most common of which are conference, exhibitions, trade fairs, concerts, theatre productions and sporting events.

Non-appearance insurance

Many events rely upon the appearance of a key speaker, singer or performer, the non-appearance of whom would lead to the cancellation of the event. Non-appearance insurance can be purchased to protect against the financial loss in the event of such non-appearance, whether caused by accident, illness, death or travel delay, along with the cancellation of the event due to any reason beyond the organisers control.

Who is it for?

It is usually the Event Organisers that purchase this form of cover however, there are other parties that may be affected by an events cancellation and who are able to purchase this cover:

Sponsors – while sponsorship payments may be refunded, the majority of expense on specific advertising, hospitality and merchandising will be lost

Performers – to ensure the receipt of the fee or guarantee in the event that they are unable to perform

Broadcasters – risks that may be covered include lost production expenses and advertising revenues and the failure of transmissions

Associated Companies – such as tour operators and hospitality organisers who will have irrecoverable costs and lost revenue if the event is disrupted

Extensions to cover include:

Terrorism – Following 9/11, terrorism has been a blanket exclusion on such policies. Insurance can be bought to cover the cancellation or abandonment of an event following an act, or the threat of, terrorism.

Adverse Weather – coverage can be purchased to protect against the affects of weather on an event which leads to its cancellation or abandonment.

If you are interested in obtaining a bespoke quotation please contact the New Business Team on 0161 833 2100 or email info@caunceohara.co.uk with your contact details and we will respond on the same day.