Last year a business in my hometown decided to sponsor a street dance to raise funds for a local charity. The business (a local bar) decided to barricade a main city street and erect a tent. Advance tickets were sold and in addition booths were constructed so food and drink could be sold. The one-day event was expected to make well over $25,000 in profits.
Before the first ticket was sold, the organization was notified that an events insurance for organizations policy would be required by the city to protect its interests. Not only that, the charity asked to make sure they were listed on the policy to protect them from possible lawsuits. It became apparent that without a special policy written to cover the event, the street dance would not take place.
Why would Special Event Insurance be so important?
The potential liability incurred by organizing a public festival or dance is substantial. Any event that sponsors public attendance requires insurance to handle the public liability risk. The bigger and more successful the event, the greater the possibility of loss. While the gain from the event could be substantial, a loss that could occur through some accident or act, could wipe that out entirely and even create a financial loss. Even a holiday office party or work event is fraught with liability issues related to liquor and sexual harassment. In fact, without proper insurance protection the person sponsoring the event, the charity benefiting the event, and the venue owner could all share a portion of that loss.
Special event insurance is designed to guard policyholders against lawsuit expense, bodily injury claims to employees and patrons, and property damage to the location, equipment, and the facilities. It can include coverage for liquor legal liability insurance information, volunteers, autos and accidental medical. Because of it being outdoors, rain insurance providing protection for a large amount of rain during specific times might also be obtained.
Special events that deserve insurance include: Wedding dances, sporting events or tournaments, youth camps, races, public auctions, or family reunions just to name a few.
Coverage types and considerations should include;
- How large the aggregate of the insurance is (equals the total limit for the event duration)
- Liability coverage for personal, commercial or advertising injury
- Property damage for rented equipment
- Liquor legal liability insurance
- Contractual liability
- Terrorism coverage
- Hired or non-owned auto liability
- Accident medical insurance
It is advisable to purchase an Event Insurance package policy designed to protect yourself and others for those considerable risks.
Other Enhanced Insurance articles related to Event Insurance:
Personal Event Insurance
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