Event planners are often puzzled over whether to purchase event insurance, and if they do, exactly what they need to insure. Whether it's an intimate cocktail party or a black-tie benefit, an indoor or outdoor event, a passive or interactive experience, some things are always out of your control. BizBash Florida dug deep into the insurance arena to clarify what event insurance is needed, who needs it, what it covers, and how to get it.
What is event insurance? Insurance associated with events covers and protects planners in several specific areas. Nick Sirianni of Chicago's Aon Corporation, an insurance and risk management agency, explains, "event insurance provides general liability for specific events." Planners can purchase additional coverage that protects them from such things as liquor liability and event cancellation.
General Liability insurance protects a company and all parties involved in the event-the planner, venue, caterers, etc., for losses due to bodily injury or property damage caused by the insured's employees or agents. Venues and agents will usually require liability for $1,000,000.
An unlimited number of your vendors and venues may be provided with certificates of insurance naming them as additional insured in the event of a loss.
Occasionally a vendor will request a waiver of subrogation, which prevents your insurance company from recovering any funds from the vendor if the claim was due to the vendor's negligence. A separate premium applies. Liquor liability insurance is sometimes necessary, especially if you are in a venue in which the bartenders are not covered or if you directly employ any part-time bartenders.
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Author: ChanningMuller