Special Event Insurance
Special Event insurance can provide reimbursement for damages, legal fees, and lost profits resulting from personal and property damage during specified time. In addition to the general liability coverage, individuals can purchase additional protection to cover such things as liquor liability, damage to rental cars, and event cancellation. The two most common types are special event liability insurance and event cancellation insurance.
General liability coverage provides protection to the organizer and any employees, vendors, etc. that might suffer an injury or property loss while attending a concert, festival, street fair, conference, etc. Most venues require, at a minimum, general liability special event coverage to be purchased by the organizer and bound before the event.
General Liability Per Event Limits
- $1,000,000 – per occurrence
- $1,000,000 – Products / Completed Operations
- $1,000,000 – Personal Injury & Advertising Injury
- $2,000,000 – Aggregate Limit
- $1,000,000 – Host Liquor Legal Liability
- $100,000 – Premises Rented To You
It is common for the venue, or the venue owner, to require you add them as an Additional Insured onto your policy. This protects the venue owner for negligent acts and omissions under your policy, but not for the negligence of the venue or owner.
Your home owner’s policy might protect you under certain circumstances, but there could be gaps in this coverage leaving your personal assets at risk. In order to protect yourself, contact an experienced event insurance agent.
In most cases, event insurance does not cover voluntary cancellation, and it can take several days for your policy to become effective. So, it is important to purchase event insurance as early in the event planning process as possible. Binding your coverage immediately after vendor contracts have been signed and deposits paid is ideal. However, if you become concerned with adverse weather, or other circumstances beyond your control cancelling the event, a policy covering weather related cancellations should be considered.
We hope you event goes off without a hitch, but if you have to file a claim the responsibilities, and duties, of each party are outlined in the insurance policy. Be sure to make copies of your special event insurance policy and store in a safe place.