Plans for the holiday season have probably already began. If you’re in charge of planning a big event – the work holiday party, a wedding, a special New Year's bash or maybe even a milestone birthday – you already have a checklist of things to arrange – the location, the caterer, the band, the invitations. But do you need to insure your event in case of bad weather or injured guests? The National Association of Insurance Commissioners (NAIC) provides the following tips to help you get smart about your event insurance options.
There are numerous types of events you may want to consider insuring. If you are planning a single-occurrence event of a short duration (e.g. a wedding, family/class/alumni reunions, bar/bat mitzvahs, non-commercial sporting events, neighborhood/homeowner association block parties, fundraisers, fairs, etc.), you will need to consider the types of liability to which you may be exposed. Event insurance typically provides coverage for event cancellation, liability, personal injury, property damage, liquor liability, etc.
Most Common Options
The two most common types of event insurance are liability insurance and cancellation insurance.
Additional event coverage options can be added. Some coverages you can add include:
What Is Not Covered?
Insurance reimbursement for event costs are typically not covered if the event is called off voluntarily.
When Is Event Insurance Effective?
It may take several days for event insurance coverage to go into effect, so plan accordingly. Insurance coverage should be considered as soon as contractual arrangements are made with vendors or deposits have been made. However, event insurance can be considered in the weeks leading up to your event if you are worried about the invent being interrupted by a covered loss.
Where Can I Find Event Insurance?
Ask your event planner or the staff at the facility where you are planning your event if they have a list of companies that offer event insurance. Before signing a contract for the coverage, make sure the company or agent you're working with is licensed to do business in the state where you live. Your state insurance department can help with that. Click here to link to their Web site.
What If I Have a Claim?
Your responsibilities are outlined in the policy. Keep your agent's and insurance company's contact information with you before, during and after the event. Keep copies of the insurance policy, all vendor contracts and documentation of vendor deposits with you as well.
Insurance for Other Events
When scheduling an event that will occur at your home, such as a holiday party, graduation party, pool party or other type of event, visit with your homeowners or renter’s insurance agent to make sure that you have adequate coverage in place for liability, bodily injury, and property damage, particularly if you plan on serving alcohol.
If you have questions or are confused about your event insurance options, contact your state insurance department. Visit www.NAIC.org to find contact information for your state insurance department.
Get smart about your insurance needs! For more information about auto, home, life and health insurance options — as well as tips for choosing the coverage that is right for you and your family — visit www.InsureUonline.org.
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more consumer
information, visit insureUonline.org.
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