One of the most talked about things in our industry – and the events industry at large – at the moment is “event insurance”. Two articles on the sector have appeared this month in the February edition of Live UK and the March edition of Stand Out Magazine showing how topical the subject is.
The discussion is of course prompted by the atrocious weather of last year which caused major problems and even cancellations but the general feeling is that even though insurance brokers will not be hiking up rates they will be expecting not only to see more contingency planning but will also be looking at competencies too – track records and experience will be a factor.
On the subject of contingency planning it is thought that details of the site, car parking and camping areas will be very important in relation to water-logging and how the site will cope with adverse conditions.
The events industry on the whole is becoming more aware of insurance cover (cancellation insurance included) and many events are now requiring vendors, hiring companies and sub-contractors to show proof of Public Liability insurance and to have their own cover.
Our own insurance company is offering policies based around Public and Employers Liability Insurance and / or Insurance cover on hired in event equipment including Marquees…[I]nsurance for these events may also include Event Cancellation Insurance Cover.
Hopefully, the weather will not be as bad as last year and many events caught out have spent considerable sums (£250,000 in the case of the Isle of Wight Festival) ensuring that problems don’t happen again but at least the industry is aware of the problems and taking steps to control them which is one good thing to arise from the situation.
