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INSURANCE AND CORONVIRUS

18 Jun 20202m read

Many venue managers rushed to check their insurance policies when the first wave of coronavirus related cancellations struck. Many felt that the premiums that had been paying to cover business interruption would cover them. So far we haven’t come across a single venue who have made a successful claim to cover losses incurred as a result of the pandemic. Many policies only covered specific named diseases; others explicitly ruled out covering pandemics. While carrying out this research, I have been told many times that you cannot insure against famine and pandemic!

CAN YOU INSURE AGAINST CORONAVIRUS LOSSES?

Looking forward we have spoken to a large number of insurers and insurance brokers; we cannot find a single company who will insure venues against coronavirus related losses. We think this really needs to change, we are compiling a list of venues who are interested in taking out business interruption insurance covering coronavirus. To this end if we can find enough venues who are interested we would like to take this to the industry and see if our combined buying power might be the key to finding a supplier.

WHEN ORGANISING AN EVENT, IF YOU CAN’T INSURE AGAINST CORONOVIRUS, WHAT CAN YOU DO?

As an event organiser there always seems to be a never-ending pile of to-do lists. Whether it be the venue, the catering or the date it always seems like a struggle. One of the many things you should ensure is not left off your to-do list is event insurance. Taking this into account we have listed some of the different types you may want to consider.

PUBLIC LIABILITY – Public liability insurance protects you against claims made by a member of the public (event attendee) if an accident occurs as a result of your event / your negligence. Chances are that most venues will almost certainly have public liability insurance; this however would be limited to the venue’s negligence!

EMPLOYERS LIABILITY – As well as the delegates, it is important to ensure the safety of those working for you during the event. Should a member of staff suffer an injury due to the negligence of the event organisers, legal proceeding could ensue.

In this case, with the coverage of employer’s liability, any costs associated with the defence and compensation will be taken care of. It is important to know that employer’s liability is a legal requirement to cover full time, temporary and volunteer staff.

CANCELLATION COVER – In the event of a cancellation for reasons beyond your control, cancellation insurance will cover you for any loss of profits or irrecoverable expenses like non refundable deposits for the venues, the equipment, speakers etc.

As with all policies there are many limitations & exclusions which vary from each provider so please be sure to read the small print.

EQUIPMENT COVER / PROPERTY INSURANCE – Depending on what type of event it is, the equipment can vary widely, whether it be staging, lighting, seating etc. With this in place you can be protected against accidental damage, loss and theft to all insured equipment and hired equipment.

OTHER TYPES OF INSURANCE –

The scope of possible covers available for an event is quite wide and far reaching and obviously stretched further than just the event itself: things you should be considering as well include:

Cyber Liability

Directors & Officers Liability

And whilst this ‘list’ is not exhaustive, there would be many bespoke covers available which would suit individual / business needs.

THINGS TO CONSIDER WHEN PURCHASING INSURANCE –

Always check what is and is not included when purchasing cover, as you can imagine there are all types of policy exclusions and limitations, and these can vary with each provider.

You should not cut corners when choosing the right provider; as with many things in life, if it’s very cheap it is possibly too good to be true

Always be sure to read through the T&Cs carefully.

As we, at The Venue Booker, are not members or monitored by the FCA we cannot give advice on what types of policy are best, but we do know people who can if you need assistance.

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