Event Cancellation Insurance Overview
Since 1982, Chicago-based Eugene Tkalitch & Associates, Ltd. (ET&A) has been using risk management to protect its insurance clients from both insurable and non-insurable exposures to loss. Doing so reduces premium costs for insurable losses and out-of-pocket costs for non-insurable losses. We have used these techniques for Event Cancellation coverages and standard business insurance policies. They have worked well for clients such as the American Library Association... the American Association of Orthopaedic Surgeons... the American College of Emergency Physicians... the American College of Chest Physicians... the American Board of Psychiatry and Neurology... McCook Metals (Space Shuttle fuel tanks, Boeing wings)... and many others.
What is Event Cancellation insurance?
Standard Liability policies insure an organization against claims brought against them for bodily injury or property damage caused by its negligence during an event. Event Cancellation insurance protects an organization against financial loss of revenue and incurred extra expenses created by a scheduled event such as a conference, trade show, convention, etc. being cancelled or cut short due to unforeseen circumstances such as severe weather, communicable disease, terrorism, civil disruption, damage to the venue, etc.
Who writes this kind of insurance?
Currently, there are at least 6 highly regarded U.S. and international insurers, including Lloyds of London, that offer this specialized coverage. Traditional business insurers and brokers do not offer these policies and are not qualified to evaluate them.
Special Considerations in Purchasing this Insurance:
While this coverage can be purchased as late as a few days before an event, the earlier it is purchased the lower the premium and the broader the coverage. Once a quote is released, if a new flu appears or there is a new terrorist threat, for example, these new risks cannot be excluded by the insurer retroactively.
Multiple events can be bundled, even years in advance, to take advantage of pricing and coverage advantages.
What is needed to get a quote?
The completion of a simple, one-page application that asks:
- Type of event
- Dates of the event
- Budget amount (if over $1 Million, a copy of the budget is required)
- Event venue and location (world-wide coverage available)
What happens after ET&A receives your application?
With this one simple application, we can comparison shop quotes from every domestic and international Event Cancellation insurer on your behalf. This can be done very quickly for last minute situations, but typically we can shop the entire market for you in a week.
We review the quotes to compare coverages, exclusions, conditions, options and price and make our recommendation to you and tell you why.
If you decide to go ahead with the coverage, you will be asked to sign a proposal acceptance form and make arrangements for premium payment.