Buy Event Cancellation Insurance

Event cancellation insurance, as the name suggests, is an insurance policy that protects you in the event that a special event that you have planned has to be cancelled or postponed as a result of unforeseen circumstances.

For example, if a family member were to perish, a weather emergency occurred, event cancellation insurance would help to cover lost costs as a result of the cancellation or postponement. This policy will also cover lost costs if a vendor, officiant, or another professional who is providing a service for your event does not provide the services they were hired for.

It's important to note, however, that this policy likely will not cover lost costs in the event that you or someone else voluntarily calls off the event; if a bride calls off a wedding, for instance.

With this type of policy, generally, you would select the limit for your insurance, or the maximum amount the insurance company who is providing the policy will reimburse you if you decide to file a claim. That amount is usually dependent on the total cost of the event. You should also know that if you do file a claim, it's likely that you will have to pay a deductible before your insurance company will issue a reimbursement for the amount that your policy covers.

Event cancellation insurance costs range from under $100 into the thousands based on the type, location, season and size and duration of the event.

Event cancellation insurance coverage insures against the financial loss arising out of the cancellation, interruption, or postponement of a covered event, as long as the source of the cancellation or postponement is covered in the policy.

However, typically, most policies will reimburse you for the following expenses in the event that your event is canceled or postponed:

• Nonrefundable down payments on things like your venue, caterer, florist, photographer, entertainment provider, and even travel plans for the event.
• Special attire for your event. For instance, if your wedding dress is destroyed by a seamstress, an event cancellation policy may help to cover the cost of the damages.
• Jewelry, such as wedding rings, a wedding tiara, or other types of jewelry that was lost or damaged at the event. It may even cover the jewelry for a certain period of time after the event; for instance, if you were to lose your engagement ring while on your honeymoon, event cancelation insurance may cover the cost.
• Gifts, such as special tokens that you were intending on giving to your bridal party.
• Counseling that you may require as a result of the undue distress that having to cancel or postpone your event may cause; appointments with a therapist and any medications that you might require, for example.
• Military deployment - if your event has to be canceled as a result of a deployment either for you or a loved one - an event cancellation insurance policy may cover the cost of the fees that you could lose.
• Coronavirus COVID-19 event cancellation is not available from insurers as it is deemed a pre-existing condition and it is specifically excluded from all event cancellation policies.

It is important to note that event cancellation insurance does not cover losses caused by poor event planning, bad marketing, or lack of interest in the event.

The amount of event cancellation insurance you should carry depends on the details of your event; the combined cost of the venue, the vendors, attire, jewelry, etc.

To determine how much coverage you should carry, it's a good idea to consult with a reputable insurance broker or agent that specializes in this type of policy.

This professional can help to direct you in the right direction to ensure that you purchase a policy that offers enough coverage to properly protect you should your event have to be unexpectedly canceled or delayed.

Some of the events that event cancellation insurance can cover are:

• Anniversary parties
• Athletic / Sporting Events
• Award Ceremonies
• Baby Showers
• Baptism
• Bar or Bat Mitzvah
• Birthday parties
• Charity Functions
• Community events
• Company Parties
• Concerts & Music Events
• Conferences
• Conventions & Meetings
• Corporate Hospitality
• Employee Incentive Trips
• Fairs & Festivals
• Fashion Shows
• Graduations
• Housewarming parties
• Major Sporting events
• Memorial services
• Motorsport events
• Product Launches
• Quinceaneras
• Retirement parties
• Special events
• Trade Shows & Exhibitions
• Teleconferences
• Theatre Productions
• Weddings
• and many more...

Some of triggers to activate event cancellation insurance may include:

• Any other previously unforeseen cause not excluded
• Damage to leased or rented venues
• Damage to surrounding venues or infrastructure resulting in lack of access
• Failure of TV broadcast
• Failure of public transport facilities or denial of access
• Inability to erect facilities at venue
• Labor Dispute/Strike risks
• Natural catastrophe such as earthquake and flood
• Non-appearance of key speakers, performers, or personnel due to death, injury, or illness
• Power failure
• Satellite and signal transmission failure
• Spread of communicable diseases (COVID-19 Coronavirus currently excluded)
• War, terrorism, sabotage, and civil or political unrest
• Weather and environment related perils such as rain, snow, wind, and earthquakes

Event Cancellation Insurance is designed to provide financial protection for event organizers when unforeseen circumstances cause an event to be canceled or postponed. Here are some examples of claims that could be covered under this type of insurance:

• Extreme weather conditions: If a severe storm or other natural disaster makes it impossible to hold the event, Event Cancellation Insurance can help pay for the costs associated with canceling or postponing the event, such as non-refundable deposits, venue rental fees, and marketing expenses.
• Illness or death of a key participant: If a key participant, such as a speaker, performer, or athlete, becomes ill or dies before the event, Event Cancellation Insurance can help pay for the costs associated with finding a replacement or canceling the event.
• Venue damage or closure: If the venue where the event is supposed to be held is damaged or closed due to unforeseen circumstances, such as a fire, flood, or power outage, Event Cancellation Insurance can help cover the costs associated with canceling or postponing the event.
• Terrorism or political unrest: If a terrorist attack or political unrest makes it unsafe to hold the event, Event Cancellation Insurance can help cover the costs associated with canceling or postponing the event.
• Lawsuits: If a lawsuit is filed against the event organizer, Event Cancellation Insurance can help pay for legal fees and other costs associated with defending the lawsuit.

Overall, Event Cancellation Insurance can provide valuable protection for event organizers in case of unexpected circumstances that force them to cancel or postpone their events.