In an uncertain world, event cancellation insurance provides a degree of certainty to event planners. It protects against a variety of unexpected and uncontrollable events, including floods, hurricanes, pandemics, and civil disturbances. With event cancellations becoming more frequent due to the pandemic, it is more important than ever for event planners to understand the importance of event cancellation insurance.
Event cancellation insurance is designed to protect you financially in the event that your planned event needs to be cancelled, especially in circumstances that are out of your control. This type of insurance covers a wide range of risks, from severe weather to political turmoil to pandemics. Depending on the type of insurance plan you purchase, it will typically cover things like contract liabilities, lost deposits, nonrefundable deposits, and other related expenses.
When shopping for event cancellation insurance, it’s important to read the policy and understand the coverage. It is also important to understand the conditions that would trigger the policy, such as an act of terrorism, natural disaster, or health-related event. It is also important to know the maximum claim amount and whether there is a deductible.
In addition to the coverage provided by the policy, event cancellations can also result in other losses. This is something most event planners try to avoid, as it could affect the events industry. In the end, it’s the success that really matters.