Event Cancellation Insurance: Protect Your Event from the Unexpected

Unforeseen events are a major pain point for event planners. Whether it's a natural disaster, a global pandemic, or a simple technical glitch, even the most meticulously planned events can be canceled or postponed at a moment's notice.

According to the Event Insurance Institute, over 25% of all events are canceled or postponed each year.

The financial losses associated with these cancellations can be staggering. The average cost of a canceled event is $100,000.

Event cancellation insurance is a valuable tool that can help protect your event from the financial consequences of a cancellation or postponement.

Here's how event cancellation insurance works:

1. You purchase an insurance policy that covers your event. The policy will specify the maximum amount of coverage you will receive if your event is canceled or postponed.
2. If your event is canceled or postponed, you file a claim with your insurance company. The insurance company will investigate your claim and determine if you are eligible for coverage.
3. If you are eligible for coverage, the insurance company will reimburse you for the costs of your event, up to the maximum amount of coverage you purchased.

Event cancellation insurance can cover a wide range of costs, including:

• Venue rental fees
• Entertainment costs
• Food and beverage costs
• Marketing and advertising costs
• Staff costs
• Lost revenue

What to Look for in an Event Cancellation Insurance Policy

When choosing an event cancellation insurance policy, there are a few key things to keep in mind:

• Make sure the policy covers the types of events you plan to host. Not all policies cover all types of events. Be sure to read the policy carefully to make sure it covers the specific types of events you plan to host.
• Make sure the policy provides enough coverage. The maximum amount of coverage you can purchase will vary depending on the insurance company. Be sure to choose a policy that provides enough coverage to protect your event from the financial consequences of a cancellation or postponement.
• Make sure the policy is affordable. Event cancellation insurance can be expensive. Be sure to shop around and compare quotes from multiple insurance companies before you purchase a policy.

Event Cancellation Insurance: A Valuable Tool for Event Planners

Event cancellation insurance is a valuable tool that can help protect your event from the financial consequences of a cancellation or postponement.

By investing in event cancellation insurance, you can give yourself peace of mind knowing that your event is protected from the unexpected.

4 Useful Tables

Here are four useful tables that can help you compare event cancellation insurance policies:

• Table 1: Event Cancellation Insurance Coverage
  | Coverage | Included | Not Included |
  |---|---|---|
  | Venue rental fees | Yes | No |
  | Entertainment costs | Yes | No |
  | Food and beverage costs | Yes | No |
  | Marketing and advertising costs | Yes | No |
  | Staff costs | Yes | No |
  | Lost revenue | Yes | No |

• Table 2: Event Cancellation Insurance Deductibles
  | Deductible | Amount |
  |---|---|
  | Low | $1,000 |
  | Medium | $2,500 |
  | High | $5,000 |

• Table 3: Event Cancellation Insurance Premiums
  | Premium | Event Size |
  |---|---|
  | Low | Small events (under 100 attendees) |
  | Medium | Medium events (100-500 attendees) |
  | High | Large events (over 500 attendees) |

  

• Table 4: Event Cancellation Insurance Companies
  | Company | Website |
  |---|---|
  | Event Insurance Institute | https://www.eventinsuranceinstitute.org |
  | Tokio Marine HCC | https://www.tokiomarinehcc.com |
  | Lloyd's of London | https://www.lloyds.com |