Despite the most meticulous organization circumstances may arise which could stop your event from proceeding as planned. This is likely to have a significant effect on your financial loss or outlay on costs and expenses through event cancellation.
In addition to your own costs you also need to pay particular attention to potential financial loss which may arise out of contractual relationships with sponsors or through loss of costs, expenses and guarantees which are not recoverable such as commitments to hotels, venues, caterers or other service providers.
Over the years we have often referred to this insurance as a ‘sleep easy’ policy as any loss of income arising from a major event due to an insured peril could cause significant loss of revenue.
Commonly it is the unexpected peril that causes the financial loss.
The dynamics of this insurance must be totally understood by the broker handling this insurance as it is often offered in a loss.