Everything you need to know about Event Cancellation Insurance
What is Event Cancellation Insurance?
Event cancellation insurance is a cover type that will protect you for irrecoverable costs resulting from the cancellation, postponement, or abandonment of your event.
What does Event Cancellation Insurance cover?
Insure Our Event’s cancellation insurance is able to cover:
- Net Financial losses following the necessary and unavoidable cancellation, abandonment or rescheduling of an event due to adverse weather or reasons beyond your control
- Loss due to adverse weather if the event is taking place outdoors or in a temporary structure (however this may need to be stipulated under a separate adverse weather policy cover)
- Losses resulting from your failure to vacate the venue at the termination of tenancy
- Additional costs or charges paid by you to avoid or diminish a loss
What is not covered by Cancellation Insurance?
Insure Our Event’s cancellation insurance does not cover the cost of:
- Failure to make appropriate arrangements
- Cancellation due to lack of sales
- Breaches of contract
- Customs seizure or contraband within your knowledge
- Cancellation of the event due to circumstances known to you prior to the policy’s inception
- The failure of a supplier where your booking arrangements are not confirmed in writing
- War, terrorism or nuclear risks
- Non-appearance of individuals or groups
- Losses due to communicable diseases
Why should I get Cancellation Insurance?
When something goes wrong, can you afford these losses? Suddenly your bank balance becomes a huge worry. Event cancellation doesn’t cancel out costs or contracts, but it could save you from a financial disaster. You’ll potentially still need to pay suppliers, performers, venues, staff, but it assures you still have a solid financial safety-net.
Is Event Cancellation Insurance popular?
It’s clear to insurance companies and brokers that the want and understanding for cancelation insurance has increased dramatically in the last two years. Miller’s Baxter said in a recent article: “The losses over the last year have reinforced clients’ understanding of the risks associated with a cancellation policy. We are actually seeing clients being more risk-averse and taking out more cover than before COVID-19.”
Insure Our Event are thrilled to know more people are learning about the importance of insuring their event. The cost to society of UK accidents is estimated at £45.63 billion annually. Everyone needs to know why cancellation insurance is important and how to stay financially protected.
Is Event Cancellation insurance getting more expensive?
Allianz’s MacLean describes the last two years as a “tough” year for companies insuring sports events, “as many events were cancelled or postponed due to coronavirus restrictions.”
“From an insurer point of view, 2020 was very challenging due to the many billions of losses sustained through cancelled and postponed events.” Says Baxter.
Less events were organised and therefore less insurance was needed. The supply and demand was cut short; and now with many events being organised suddenly, premiums have increased.
That’s why Insure Our Event’s instant quote model is ideal for those who want a quick price on their event. Fill out our Quote Form for your one-off event or party and organise your cancellation cover today.
How do I get instant cancellation insurance for my event?
Easy. Fill out a quote form with us and we’ll provide you with all the information you need.
Why wait? Check us out now!