NYC Insurance Blog

What is Special Event Insurance?

Sometimes, things do not go according to plan, even after all the effort you put in. It could be property damage during an anniversary party or accidentally damaging someone’s property. If so, you do not have to deal with the loss alone. You can take insurance against liability coverage. That is what insurance companies will refer to as Special Event Insurance. Event planners can take special event covers to help their operations run smoothly. They do not have to pay damages when the air conditioner goes out or when tables break.

What does special event insurance cover?

Special event insurance is for third parties. Usually, people take the cover for claims for bodily harm or property damage they may inflict during an event. Usually, the cover is cheap and taken before an event. 

The special event cover does not involve all sorts of parties and banquets. Public events like rallies are not covered, alongside high-risk activities like a gun and animal shows. You cannot also insure events like aerial maneuvers, trampoline, and bungee jumping. Call our agency today, we can help guide you in if your event requires insurance and what kind!

The most covered events are private functions such as:

• Weddings
• Baby showers
• Anniversary parties
• Birthday parties
• Fundraisers
• Reunions
• Festivals

Types of Special Event Insurance Covers

There are two main types of special event insurance covers. These include:

Event Cancellation coverage

Events can have unexpected no-shows. For instance, if you are holding a wedding, and your photographer falls ill, you will need to find a replacement. The sudden hire might be expensive, or you could lose your deposit.

On the other hand, you plan a non-profit event, but the venue falls apart. The special event insurance helps you cover the cost of rescheduling the event, moving the venue, and coordinating with the vendors.

An event cancellation cover caters for reimbursements of lost deposits, only to the coverage limit. 

Event liability coverage

Assume you are at a party, you are all excited, and then you suddenly fall and break a really expensive coffee table. Falling is not your fault, but you may have to pay for the damage.

On the other hand, you could have a band performing at your event. Suddenly, the stage falls, and the performers get hurt. If something falls on the waiter as they deliver drinks, you may have to cater for the medical bills.

You should not worry about all these unexpected events at your party. The event liability coverage helps offset the bills for such unexpected events, but only to the coverage limit. 

With the liability coverage, you can protect hired equipment from the venue.

A liquor liability coverage is a special type of insurance that you take up when involving alcohol in your function. If a bartender served a drink to a minor or failed to cut off a drunk guest, you do not have to worry about the liability. If you are unsure how much coverage you will need, we can help you with that, call us today!

Why do you need a special event cover?

Even when you are alone, accidents happen. You could trip and drop your laptop or forget and walk into a glass wall. Now, imagine an event with so many things out of your control. The food could be bad, the floor could be slippery, or the children might touch something they should not.

In that case, you will need some help dealing with the damages. You do not want legal claims after a fundraiser. If you do not want to deal with the cost by paying from your pocket, a special event cover is your best bet. 

When and how do you get a special event cover?

As soon as you start making deposits for your event, you should take up a special event cover. It should be at least 14 days before your event, or even 24 months in advance. 

The process of getting an insurance cover is simple. You have to provide information on:

• The number of guests
• Period of coverage
• Event location
• Event dates and activities
• Type of event
• Your option, and so much more, depending on your event

Disclaimer: Like any other insurance cover, you must read the insurance company’s policy before paying your premium. You could walk away thinking you are safe, only to find a clause that disputes your claim. 

Consulting with a Broker is also a wise decision, as knowing exactly how much coverage an event might need could vary. Seeking professional advice is always important with any kind of insurance, that is what NYC Business Group is here for, to help you navigate insurance, contact us today!

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