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Adversities Covered Under Event Insurance

08-Aug-2019   Author :   Category : Event Planning & Promotion

An event like other assets is the face and the product of your company so you should mandatorily get it insured. Unforeseen circumstances may come your way at any place and point of time.

Let’s indulge into the aspects that can be safeguarded when your event is insured.

Event Cancellation- Even though declared, there is no surety of the event to take place. An event insurance covers some of the contingencies leading to event cancellation such as:

  • Fire & Allied dangers like Earthquake at the Venue.
  • Larceny & Theft at the Venue
  • Failure by a noted guest to appear for the Event on account of contingencies such as:
    • Death
    • Permanent or temporary injury
    • Illness resulting to hospitalization

Whatever happens, only the non recoverable expenses and event related revenue will be the sum of your insurance coverage.

Property Damage- Not only wear and tear are the lifeline of your property. You may lose your property any time in any manner. Event insurance also manages to safeguard your precious entities under:

  • Standard Fire & joint risks including Earthquake
  • Burglary & Thievery

However, only the sum of the assets used and set up for the event will be insured under event insurance.

Personal Accident- Not only your property is at stake when an unforeseen mishap takes place. The employees & workers associated with the event are also at stake. Event insurance caters to the following cases in case of a mishap:

  • Accidental death
  • Permanent partial Disability
  • Permanent complete Disability

Event insurance only tends to the sum of the value of loss or harm to the personnel.

Public Liability- And not to forget, event insurance also takes care of liabilities towards third parties such as attendees for accidents leading to injury, loss or damage at the event venue or in association with the event for policy time.

The sum covered here will be value of the damage caused apart from act of god, purposeful non-compliance of requirements, criminal liabilities or multiple compensatory damages, consequences of usurped power, war, rebellion, hostilities and such acts, vehicular & parking contingencies and temporary asset damage at event also not to forget personnel loss or damage to the visitors.

Here is a list of entities you can go to for different event insurance:

  1. ICICI Lombard Co. Ltd- Event insurance here covers your event as a whole just like in business insurance though both are different.
  2. Bajaj Allianz Co. Ltd- Along with event insurance they also provide medical reimbursements and special condition applications if required or sought.
  3. Future Generali Ltd- Here all the losses and harms occurred beyond human control to your assets and entities except personnel will be covered.

All insurance related policies are subject to market risks, please read insurance related documents carefully. These issues are exhaustive and modifiable according to contingency.

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