Event Liability Insurance
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What is Event Liability Insurance
What are the Types of Event Insurance?
Every event is unique and different. There are various types of event insurance policies to protect policyholders from different risk factors.
Event Liability Insurance
An event liability insurance policy protects you against third-party claims arising from accidents or other unfortunate incidents. Any injury, loss, or damage to third-party life & property will be covered by this policy.
Event Property Insurance
This policy covers the risk of loss or damage to properties such as sets, lighting, props, and other equipment used in the events. The policy shall reimburse the cost of repair or replacement of properties due to theft or accidents.
Last-minute cancellations of events can occur due to factors beyond your control. The star performer of the event may drop out. Weather can play the spoilsport. Sudden power outages can disrupt the event. The event cancellation insurance covers the loss in all such situations.
Who Needs an Event Insurance Policy?
Anybody who organizes events like seminars, conferences, concerts, sports, weddings, or other private ceremonies will benefit from event insurance. Any of the following entities can buy an event insurance policy:
Individuals for their personal or household events. E.g., wedding
Corporate houses and business owners
Event managers & planners
Organisers of sporting events
Trade fairs & exhibitions
Theatre events & fashion shows
Common Risk Factors for Event Insurance
Some of the common risk factors in buying an event insurance policy are as follows:
Cancelation or Postponement
Abrupt cancelation or postponement of events
Accidents
Accidents causing injury, loss, or damage to third-party life and property
Theft or Damage
Theft or damage to properties used in the events
Death or Disablement
A personal accident resulting in death or disablement
What Does Event Insurance Cover?
The major inclusions of special event insurance are as follows:
- Loss due to sudden cancelation or postponement of events. Any additional expenses to prevent this loss are also covered
- Loss or damage caused by fire or allied perils to stages, sets, equipment, and props used for the event
- Bodily injury, disability, and death in respect of listed individuals during the event
- Third-party liability claims arising due to injury, loss, or damage to life and property during the event
- Event insurance also covers any loss due to theft or burglary of cash-in-hand and cash-in-transit
What is Not Covered Under Event liability Insurance?
Some of the major exclusions of event insurance are as follows:
- Natural calamities such as earthquakes, floods, storms, cyclones, typhoons, and hurricanes
- Loss or damage due to negligence; deliberate or malicious acts
- Activities that are illegal, unlawful, or in violation of statutory provisions
- Claims related to motor vehicles parked at the event (that are temporarily under the insured’s control)
- Fines or penalties payable due to any criminal liability
- War or war-like conditions such as revolution, terrorism, hostilities, or foreign enemy acts
- Nuclear perils such as ionizing radiation and contamination by nuclear wastes
- Non-appearance claims for people who are not specified in the policy
- Claims for infectious diseases
How Can I Get Low-Cost Event Insurance Coverage?
Type of event covered
Duration of event (1-day event liability insurance can be purchased for single-day events)
Location of the event
Total expenditure for the event
Number of people attending the event
Use of hazardous materials in the event
Prominent Insurance Brokers offers high-quality insurance products at affordable premiums. We offer both multi-event and single-event insurance coverage that is tailor-made to your requirements.
Why Do You Need to Choose Prominent Insurance Brokers to Buy Event Liability Insurance?
Prominent Insurance Brokers offer the following benefits when you buy an event insurance policy
A top insurance broker in UAE with a track record of 20+ years in the insurance sector
Offers comprehensive event insurance coverage designed to cover your specific requirements
Over 5,000 business insurance policies sold and 6,000+ claims settled successfully
Significant savings to policyholders due to attractive discounts on premiums and other value-added services
A professional team of experts to help you choose the best policy.
Fast settlement of claims through a dedicated claims management team
Partnerships with leading insurance companies in UAE
Frequently Asked Questions About Event Liability Insurance
Event liability insurance is required because most venues that agree to host events insist that their clients get this insurance coverage. The policy is also imperative because many vendors do not agree to refunds if the event is abruptly canceled or postponed.
Yes. Homeowner’s insurance shall compensate the loss only if the function takes place at your home. You also have no recourse to insurance if the event is canceled. But wedding event insurance can cover the loss if the event is organized elsewhere and/or gets canceled.
A liquor liability insurance policy is required if you sell, serve, or distribute alcohol in any form at your events. This policy can cover the loss or damage caused by intoxicated Visitors at the events.
It is advisable to get event insurance as soon as you start organizing the event and begin to pay the deposits to your vendors.
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Disclaimer: It is important to carefully review policy documents to understand the terms and conditions that apply to the policy & make sure that it meets your specific needs and requirements.