Special Event Insurance
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.
Hollywood Special Event Insurance Coverage
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.