These days there’s a festival, fair, or special event every week for almost anything you can imagine. These events not only draw crowds but also potential liabilities. Here are a few insights to what you need to know about event insurance.
- Make Sure You Read Your Contract and Understand it. This may seem like a “well duh” moment but let’s not forget all of the Terms of Service’s that have been agreed to but not read (we’re all guilty of it). Call CIS before you sign the contract and we will make sure you have the appropriate coverage.
- Verify Coverage Dates. It is absolutely critical that the event coverage include the correct dates – including set up and tear down/cleanup if necessary. This is one reason that we need to review the contract.
- There Are “Changing Exposures” and “Red Flags”. Every year it seems like there is a new “big attraction” at fairs and events whether it may be bungee jumping or zip-lining, these are considered “red flags”. Another example would be sporting events like mud/color/bubble runs. In today’s climate, security protocols have become “changing exposures”. If your event includes these exposures, it might be more difficult and/or expensive to obtain coverage.
- There are Unique Coverages. Not every event is the same and therefore neither are their coverages. While Volunteer Coverage is the most frequently purchased, there are many other additional coverage options including: liquor liability; fireworks liability; contingent ride coverage for carnivals; and sexual abuse coverage for events where there might be a childcare service.
- Market Conditions Still Apply. The event insurance market for fairs, events and other festivals mirrors the rest of the property/casualty industry. Rates are competitive and coverage is available. There are multiple factors that help underwriters determine how much coverage is going to cost including: when it is, what’s happening, and how actively people will be participating.
For more information about event insurance, contact your CalNonprofits Insurance Services account manager or request a quote today.