Archive for Special Events
Active Shooter Coverage
Offices, health care facilities, hotels, schools, special events, movie theaters and other commercial or municipal operations with populated and confined spaces can be targets for individuals who are intent on killing or maiming others. The choice of weapons may be guns, explosives or knives. Much of the damage caused by the active shooter is not covered by existing CGL or commercial property coverage forms. Because of these gaps, new policies have been and are being developed. Resulting medical expenses, disabilities, funeral expenses, trauma counseling, clean-up, building repair or replacement, legal fees and other costs can be covered.
Pre-loss assessment and loss control services are frequently provided. An important feature is that the insurance carriers can quickly deploy resources following an attack to assist a hurting community.
Agritainment and agritourism occurs when a farm opens itself to the general public for tours and events that revolve around farm activities. Common examples are hayrides, pumpkin patch mazes and corn mazes but the events can be much more elaborate and extensive. These activities were once covered as part of a farmowners policy, but as they increase in complexity, they are being excluded from the basic policy and must be separately covered.
Athletic Event Cancellation Insurance
Cancelling or postponing a college football game or entire season due to a catastrophic event such as an airplane or vehicle crash or an epidemic such as hepatitis could spell financial disaster for large schools whose entire athletic program depends on football gate receipts and television or radio revenue. International competition, touring track, tennis, and soccer teams could be completely eliminated if there is a tragic accident. The coverage provided is usually for an epidemic, airline crash, or a bus accident. It applies on an “actual loss sustained” basis for any reduction in anticipated income as a result of scheduled games being completely cancelled. Gate receipts, television and radio revenue, advertising income from programs, and sponsoring fees from outside organizations are examples of such income. Limits can apply on a “per-game” basis with an aggregate limit for the entire season.
Catered Affair Cancellation Insurance
This specialty coverage protects the insured that hosts a catered party, dinner, or celebration event. Coverage applies for the costs incurred when the event is cancelled, postponed, or curtailed. Covered costs are the deposits that cannot be recouped and other contractual obligations that are enforced following the change in plans.
Christmas Tree Lots
Short-term general liability coverage is often needed on Christmas tree sales lots. The primary underwriting concern is slips and falls. Some forms also cover theft or property damage to inventory. This insurance is usually available to both pre-cut tree lots and cut-your-own-tree operations and is written for a short term that matches the season.
Print and radio broadcast promotions can boost market share, attract advertisers, and increase visibility. Some radio promotions may require listeners to listen continually in order to gather necessary clues. In others, a listener may be required to name the recording artists who sang sound bites of five songs strung together. Print promotions may require the reader to send email or mail in required information. This type of promotion has a direct impact on listener and reader loyalty. This insurance protects against the number of winners or the amount of the winnings exceeding the prize budget.
Single Day Event
Special Events Liability
This insurance provides third-party liability coverage for short-term special events where large groups of persons who are gathered together present catastrophe potential. Town celebration committees or merchants associations that sponsor centennial or sesquicentennial celebrations, Fourth of July celebrations, and local festivals need this coverage. These events may include automobile or horse racing, parades, fireworks displays, fairs, picnics, dances, concerts, and many different types of sporting events. Other types of special events are written for the eventâ€™s sponsor or producer. This includes rock festivals and concerts, antique car shows, boat and travel shows, horse shows and rodeos, prominent objects like balloons suspended over cities for promotional purposes, stockholders meetings, and religious revivals. Premises liability in rental halls and arenas as well as outdoors operations that are necessary and incidental, such as erection of grandstands are covered as well as libel, slander, or defamation by a performer, and products liability that arises from the sale of food or souvenirs. Participant accident and medical expense coverage for volunteer workers at charitable fund-raising events; expenses and profit coverage that protects sponsors of conventions and shows; exhibitor transit-premises coverage that protects exhibitors’ goods while on display at a show and in transit; and prize indemnification coverage, including golf hole-in-one and bowling a perfect score coverage are other types of special events coverage.
Sports Promotions Coverage
Prize and performance incentive coverage takes the risk out of sport promotion contests. The coverage is available for any type of organization that is using an existing athletic or sports-fan contest to promote an event or marketing campaign. The coverage is a way to keep the program within budget. Coverage is available for many different types of sporting events at a variety of prize levels.
The market for terrorism coverage changed dramatically on September 11, 2001. Coverage availability and pricing varies significantly, based on geographic location and type of industry.
Trip Cancellation Insurance (TCI)
This is a special form of accident and health insurance. It reimburses individual insureds for their prepaid travel costs if they cannot take the trip because of a covered accident or sickness. Coverage also applies if the insured cannot make a scheduled return flight due to being disabled in a distant place. In these cases, this insurance reimburses the insured for the cost of a different return flight. The limit of insurance is usually the value or the actual cost of the trip or tour.
Weather insurance is designed to protect the insured sponsor of an outside event or a manufacturer that designs a product whose promotion depends on a weather-related risk. This coverage is especially useful in three situations: (1) cancellation of events, such as outdoor concerts, civic and fraternal outdoor events, carnivals, lawn parties, outdoor weddings and receptions, parades, and sporting events; (2) as a marketing sales tool, such as an air conditioner manufacturer that offers incentives to customers in order to increase sales but then endures a cool summer, or a snow blower manufacturer that offers refunds if the winter’s snow accumulation is substantially less than average; or (3) to stabilize cash flow, such as when too little snowfall reduces a ski equipment manufacturer’s sales. Insurers set objective and observable criteria that must be met in order for a payout to occur. An application that gives details of the event or promotion must be completed before coverage takes effect.