Event cancellation insurance can be vital for our private and non-profit clients that derive substantial income annually from conventions and other revenue generating events. The recent outbreak of Corona Virus has tested our markets for this type of coverage. While all currently issued policies are excluding Corona Virus the Event Cancellation coverage is still vital in view of the wide range of other threats to event revenue. Fires, strikes, terrorism, loss of utilities, and storms causing interruptions are far more common! The surge in interest for this type of coverage has caused challenges to our markets’ capacity to provide such insurance. If you are interested in insuring this is one of those cases where timing makes a difference!
The current situation is also a reminder to take out Event Cancellation early when planning an event. The unique nature of Event Cancellation insurance is that the price is the same whether you purchase it 30 days prior to the event or 365 prior. The advantage of purchasing early is that threats that evolve after you purchase your insurance (e.g. Corona Virus) are not excluded!
Let us know if you have questions and happy event planning!