Event Liability Insurance

Insurance coverage for events and activities.

Event Liability Insurance

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What is Event Liability Insurance? 

An event requires extensive planning and involves numerous small elements to be taken care of. From budget planning to setting up the venue, the list is endless. More often than not, we spend a lot of money planning events like concerts, weddings, and music festivals. However, these events could be abruptly cancelled or postponed for unexpected reasons. 

To prevent any financial loss, you must protect the investments you made for such events. This is where an Event Liability Insurance plan comes into play. The insurance offers comprehensive protection against financial losses incurred in an event.

Who Needs an Event insurance policy?

The fundamental customers for an event insurance policy are:

  • Individuals 
  • Business Owners
  • Event planners and organisers
  • Event managers

Why Get Event Liability Insurance?

Event Liability Insurance works by securing your finances in case of accidents/mishaps that result in injuries or property damage at your event. You can submit a claim against your insured event, and your insurance company will pay you up to the policy's maximum.

If you are still wondering why you should get a wedding and special event insurance/Event Liability Insurance, note that:

  • Many vendors don't issue refunds regardless of the cause for cancellation or postponement.
  • Many venues demand that customers buy an Event Liability Insurance policy to avoid being held solely responsible for harm to their property.
  • Most of the time, homeowners' insurance is insufficient for protection. In most cases, homeowners' insurance will only pay out for the event if it takes place at the host's home and will only pay out for liability, not for cancellation.

Common Risk Factors

  • Event cancellation
  • Public Liability
  • Coverage for prop and other equipment
  • Personal accident

Major Inclusions of Event Insurance

Here are the inclusions of Event Insurance –

  • Protection against damages resulting from the cancellation of any event. The additional expenses to prevent or lessen a loss that the policy would have otherwise covered are also compensated under this section.
  • Offers protection for third-party liabilities (physical harm and property damage) brought on by accidents occurring on the event's premises.
  • Coverage for loss or damage to props, sets, stages, and equipment resulting from fire and other allied perils.
  • Compensates for bodily Injury that causes the listed individuals to pass away or become disabled during the event.

Major Exclusions of Event Insurance

Here are the exclusions of the Event Insurance Policy –

  • Earthquakes, volcanic eruptions, flooding, thunderstorms, typhoons, hurricanes, storms, cyclones, tornadoes, and other similar natural calamities and atmospheric upheavals.
  • Malicious, deliberate, or willful violation of any statutory requirements.
  • Fines, penalties, exemplary damages, or any other consequences that multiply compensatory damages or result from criminal liability.
  • The consequences of a war are foreign enemy acts, invasion, hostilities, revolt, civil war, revolution, insurrection, terrorism, etc.
  • Ionising radiation or contamination by radioactivity from nuclear wastes generated during the combustion of nuclear fuel.
  • Claims involving any motor vehicle or trailer that is momentarily under the insured's care or control for parking.
  • Other than premises temporarily occupied by the insured for work, damage to property owned, leased, hired, under hire purchase, on loan to the insured, or otherwise in the insured's care, custody, or control.
  • Loss or damage of the guests' clothing or personal belongings.

What determines the price of a special event insurance policy?

Several different factors will influence the answer to this question, and they are –

  • Duration of the event
  • Type of event
  • Location
  • Number of attendees
  • The total cost of the program
  • Whether there are any hazardous activities in the event

However, many reliable insurers in the UAE provide event liability insurance starting at less than AED 400. However, the insurance premium will increase in proportion to the expenditure of the event.

Wrap up

Events go differently than planned in some cases, and it is impossible to determine that in advance. So, it is only fair to be prepared for the unexpected. Therefore, investing in proper event liability insurance will help you protect the financial interest of you and your business. So, if you are considering going for it, do not forget to check the fine print of the insurance to ensure that you are making the right decision.

FAQ's

Q1. What is Event Liability Insurance in UAE?

Ans: Event Liability Insurance in UAE refers to the type of insurance that offers coverage to the event holder to recover the costs and expenses arising from interruption, postponement, and unforeseeable cancellation of an event. This insurance plan also covers the reimbursement for travel expenses, venue costs, and advertising costs.

Q2. What are the events covered under Event Liability Insurance?

Ans: Although the specific events covered under Event Liability Insurance vary as per the insurer, some of the major events covered under these plans include the following -

  1. Weddings
  2. Baby Showers
  3. Corporate Events
  4. Birthday Parties
  5. Anniversaries
  6. Cultural festivities
Q3. What are exclusions from the Event Liability Insurance?

Ans: Event Liability Insurance plans typically don’t cover the following -

  1. Claims for a person or physical material not specified in the policy
  2. Claims for any disability or bodily injury of a person who is proven to be injured under the influence of drugs
Q4. For whom is the Event Liability Insurance designed?

Ans: Event Liability Insurance is for any company with a financial stake in the smooth operation of an event - concerts, theatre performances, music festivals, business conferences, trade shows, fashion shows, sporting events, product launches, and big and small parties. These insurance plans are also suitable for the general public, event organisers, and managers.

Q5. What additional covers are available in Event Liability Insurance?

Ans: With an Event Liability Insurance plan, you can have add-on covers like -

  • National Mourning Cover - This coverage financially protects you from cancellation of events (one week prior to the event) due to the passing away of any notable VIP personality or an individual from the Rulers of the Emirates.
  • Non-appearance of a key person - The policy also covers situations where the main person for whom the event was planned doesn't show up. This mainly involves performances by celebrities, speeches by politicians, and so forth.