Broker Focus: Event Cancellation Insurance

Derrick Leue from PROLINK spoke to Insurr about the implications of cancelling an event:

 

"Why Do Clients Need Event Cancellation Insurance?"

Derrick Leue (PROLINK): "Event Cancellation insurance is something that should be thought of as soon as you start planning the event and then entering into financial commitments, whether it's signing venue contracts or contracting with suppliers. You don't want to buy the policy less than 30 days in advance because most insurance companies won't give it to you at that point in time. Once the event has been scheduled and commitments are made, that could be a year in advance, and that would be fine."

"What Does Event Cancellation Insurance Cover?"

DL: "It's covering you for the financial loss, financial impact if your event is cancelled, it's postponed or it's somehow interrupted mid-way."

"How Much Does Event Cancellation Insurance Cost?"

DL: "We often tell clients the best way to be looking at a budget is you take your total revenues (assuming they're higher than expenses) and you multiply it by 0.75% to maybe 1.5%, depending upon the options you want to buy."

"Where Can I Get Event Cancellation Insurance?"

DL: "Event Cancellation insurance is a niche unique product where only certain people are going to have experience with that. It's not a long list of insurance companies that underwrite it. So you want to work with an insurance broker who can give you the options, advise on those options and source it out through a number of companies who do specialize in this space."


Browse our current range of Event Cancellation products here.