Live gigs, concerts, conferences and other events are often high risk. The weather, especially in Northern Europe can be a big factor when it comes to festivals actually happening or not. Then there are bands or speakers cancelling late in the day, terror incidents, vital equipment going missing etc. That’s why CFC, the specialist insurance provider and pioneer in emerging risk, today announced the release of its new package solution for event organisers, combining cancellation coverage, general liability and commercial property under one policy.
CFC’s new package allows organisers to protect the financial investment of their event, including everything from agreements with spectators, staff and performers to building and contents damage if organisers are legally responsible.
“The global events industry is booming and is expected to reach $2,330 billion by 2026. But just as the number of music concerts and festivals, sports events, exhibitions and conferences is growing, so are the risks that can impact not just their success but their ability to go ahead in the first place.” said Matt Helm, Contingency Practice Leader at CFC.
“When it comes to events, there are a lot of moving parts, which means a lot can go wrong. The financial ramifications of postponement or cancellation on the organisers, venues and the many businesses involved in any event can be huge. By providing them with a packaged solution and a number of optional extras to cover their specific needs, we are providing them with peace of mind that they have comprehensive protection in place should the unexpected happen.”
CFC’s new event insurance package protects organisers against a broad range of liability exposures whilst the commercial property component also includes cover for contents that have been lost or damaged in transit as well as additional expenses like temporary repairs.
The policy will reimburse for costs associated with event cancellation, abandonment, curtailment, postponement or relocation for reasons outside of the organiser’s control, including the non-appearance of a participant.
Helm continued, “With so many things to cover off, insurance can be one of the last things on an organiser’s to do list and unfortunately obtaining cover has traditionally been a lengthy and time-consuming process. Our experienced team, however, is able to quote most policies within 24 hours and bind policies instantaneously which could be a massive help to those looking to get their insurance sorted now for their spring or summer events.”
Learn more about CFC’s event insurance package here.