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how much to pay for the event liability ? we are expecting the insurance covered up to $1,000,000 .
The cost of an event insurance policy, including a standalone event liability insurance policy will vary depending on a range of factors. Variables which will have an impact on the premium associated with an event insurance policy will include:
The Type of Event Being Held
Different types of events will come with different risks, and consequently require different underwriting parameters when defining a premium.
For example, a large music festival with multiple artists will pose a higher risk than a corporate dinner party.
As such, in order to obtain an accurate quote, you will need to let the insurance company know what type of event you are hosting.
The Location and Time of The Event
The location of your event, and when you host your event, can have a significant impact on the total cost of coverage.
Holding an outdoor event during Hong Kong’s typhoon season brings more risks than holding an indoor function. Specific venues may also have been blacklisted by insurance companies due to previous claims experiences or past events, and may be subject to an increased premium loading or even a refusal to issue the quote.
The Participants and Attendees
Bigger events, with a large number of participants (like artists, performers, or athletes) or attendees, will normally incur a higher premium than smaller events of a more intimate nature.
Simply put, more people mean more things can go wrong. And when you’re considering a coverage benefit like liability insurance, the larger chance of a claim occurring with a bigger crowd means that bigger events will generally cost more for coverage.
Additional Event Insurance Premium Variables
There are a range of additional variables which can impact the premium of an event insurance plan. These include things like the ticket cost, the total production budget, non-appearance coverage for any artists or key guests/invitees, inclement weather cancellation protection for outdoor events, and a range of factors which may be specific to the insured event.
If you would like to receive a free quotation, or further discuss your event insurance needs with an expert CCW Global Event Insurance Broker, please Contact Us Today.
Answered on: 12 October, 2018 17:00
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