Events Liability and Events Cancellation Insurance
Broker Directory Article
Events Liability and Events Cancellation Insurance in South Africa
Insurance for Events Liability and Events Cancellation, is crucial. Research is key and a sound Event Liability Insurance policy is essential – many countries will not permit the hosting of an event without it.
|See News on Events Liability and Cancellation Insurance:|
|• Cape Town Cycle Tour – Cancellation and why you need Event Insurance (March 16, 2017)|
The cancellation of a big event (such as the 2017 Cape Town Cycle Tour - the world’s largest timed cycle race due to the infamous South-easter wind), serves as an important reminder to all local businesses about the importance of insuring events.It is the responsibility of each company's Events Coordinator/Planner involved in organising an event, to not ONLY take out Event Liability Insurance, but to also consider Event Cancellation Insurance cover. Event Cancellation Insurance is usually broken down into three categories which are all optional: First: Cancellation. Second: None-appearance and Third: Weather. However, there are strict terms and conditions and one should always consult your broker well ahead of an event to ensure that all factors, for example, wind, are taken into consideration.
Organisers of an event cannot be held liable for loss, damages and injuries resulting from a 'natural cause' such as wind, in most cases. However, organisers of an event have the duty to take reasonable steps to prevent foreseeable damage, loss, or injury to participants.
If you are an Events Planner/Coordinator, you have to acknowledge certain risk scenarios and plan for these potential liabilities.
Certain municipalities in South Africa dictate that if an event is held in the city, the event organiser must provide proof of Event Liability Insurance, which could be around a minimum limit of R5-million.
Being a specialist area of insurance, certain niche underwriting managers and a few insurers specializes in this area of cover. These options may be confusing...
In fact, the smartest thing you can do is -- Get a specialist broker to do it for you!
|Also, note the following guidelines and considerations applicable to Events Liability and Events Cancellation Insurance:|
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