What is special event insurance and what is covered? A special event is just that – SPECIAL. Whether it is a wedding, a birthday celebration or a family reunion you have put a tremendous effort into making this event a memorable one. But did you know there are several ways to protect your efforts and the costs you incurred so your event does not become memorable in a bad way?
If you are renting a venue to hold your special event the venue will require you to secure an Event Insurance policy. This protects the owners and property managers of the venue in the event you cause a bodily injury or property damage claim to the rented venue owners while the venue is in your care, custody and control. The event liability insurance policy protects the facility you are renting by naming them as an Additional Insured on the policy. There is no additional cost for the first Additional Insured endorsement. Generally there is a small fee for each Additional Insured.
The premium you pay for event Liability insurance is based on the type of event and the number of persons in expected attendance. The policy provides coverage for the specific day of the event and may cover additional days (for the same or small additional premium) if you need a set up day and a take down day.
The limit of liability is typically $1,000,000 each occurrence for bodily injury and/or property damage. There is no deductible for this policy. It includes coverage for Host Liquor Liability which is defined as alcoholic beverages being served by those not in the business of serving and selling alcohol. If your event is such that volunteers are needed the policy will cover them as well. The Event Liability insurance is very affordable. For example a wedding with 100 guests in attendance can be as little as $350.
Now let’s look into an often overlooked but available and valuable insurance coverage known as Event Cancellation insurance.
Event Cancellation Insurance is purchased for protection against loss of your reserved revenue or extra expenses you incur that result from circumstances beyond your control. Under the terms of the policy you will be reimbursed for nonrefundable deposits if your event is cancelled or even postponed. That being said always maintain good records of monies paid to your vendors.
Examples of what is covered by this policy are inclement weather conditions, power failure, postponement, death or relocation of an event. This is a named perils policy form meaning the cause of the cancellation or postponement is specifically named as being covered under the insured’s policy.
The Event Cancellation insurance policy also covers items such as lost costs if your florist or your professional photographer fails to provide the services you purchased.
This insurance can be purchased separately or in conjunction with the Event Liability insurance policy. The limit of coverage you choose would be dependent upon your deposit costs for services. A deductible will apply to this policy.
Let the experts at EZ Center Insurance Services guide you through the process of Special Event Insurance.