The last few months of dire weather have had a massive impact on outdoor events across the UK. High profile casualties of the heavy rain and wind include The Great Yorkshire Show and one of the regions premier events The Suffolk Show. In addition to the British weather, other incidents can also generate losses for those running or exhibiting events, such as the recent tragic fire suffered by Chilford Hall in Cambridgeshire.
Cancellation or abandonment of shows and festivals naturally has a significant financial impact on both the organisers and exhibitor’s, however, one-off event insurance policies can be purchased to protect you from the claims examples above together with costs arising from the failure of key utilities, non-appearance of key speakers and outbreaks of infectious diseases (e.g. foot & mouth).
Event cancellation insurance provides some of the following benefits:
• covers the costs you have incurred in staging or attending the event
• provides refunds to delegates, exhibitors and sponsors
• loss of revenue on ticketed events
• reduced attendance losses
• cover for exhibitors being unable to reach the venue
Unsurprisingly, Insurers are currently very cautious when providing cancellation cover due to weather conditions, for organisers or exhibitors, so it is essential to discuss your requirements well in advance of the event and be able to demonstrate robust plans for coping with inclement weather.