Cancellation and abandonment cover will help protect the financial investment you have made in the event in two main areas:
- if a problem arises and you incur additional expenses to keep your event running – for example if you need to source an alternative venue at short notice
- if you’re forced to curtail or abandon the event half-way through, our policy can refund an appropriate proportion of your expenses.
We can also provide a number of additional options so you can tailor the policy to the specific needs of your event:
- protect your profits in the event that you are forced to cancel the event
- adverse weather is provided as standard for indoor events, but we can also cover outdoor events
- Dramatically reduced attendance where a significant number of visitors or delegates are unable to attend due to a common cause beyond their control such as a transport strike or extreme weather conditions. We can cover you against financial loss through either reduced ticket sales on the door, or where, from a commercial view, it is necessary to make a commercial gesture towards your pre-paid delegates or exhibitors
- Terrorism cover is offered in a number of different ways, depending on which country you are based in, the country the event is taking place in, and whether you are an organisation or a private individual. We can cover both terrorist acts, and the threat of terrorism.
Why should I purchase cancellation cover?
Our cancellation insurance covers your loss of irrecoverable expenses due to necessary and unavoidable cancellation, disruption, curtailment, postponement or abandonment of your event. We can also look to cover your event’s profits. Some common reasons for cancellation include closure of the venue due to fire, water damage, electrical failure, or denial of access to the venue by the emergency services. Cancellation cover protects you from unforeseen events beyond your control.
What can’t cancellation insurance cover?
As with all insurance policies some exclusions apply, and you should always read the Key Facts document and policy wording to see what is and isn’t covered. However, there are a number of key exclusions worth mentioning:
- lack of support such as insufficient ticket sales. Cancellation cover isn’t designed to protect against the commercial failure of the event
- financial failure such as a major supplier or contractor going bust
- known circumstances – we can cover circumstances where your event is affected by a strike, but not if the strike has already been announced, or if there is an ongoing industrial dispute very likely to lead to strikes. As with all insurance policies, the cover is there for unforeseen circumstances.
Can you cover events taking place outside the UK?
Yes, we can cover events taking place almost anywhere in the world although we might not be able to cover some very high risk locations.
Am I covered for cancellation due to adverse weather for indoor events?
Cover for adverse weather where the event is held indoors is covered as standard. Adverse weather cover for events held outdoors, or where part of the event is held in a temporary structure (e.g. marquee) can be purchased for an additional premium. Please note that additional dramatically reduced attendance cover would be required to cover a situation in which a proportion of attendees cannot attend even though your venue and event are still open.
Can you cover event organisers based outside the UK?
Yes, provided your company is based in an EU country. We can also cover event organisers in a number of other countries in which the Lloyd’s of London insurance market has a licence.
What is catastrophic reduced attendance cover?
This is cover for losses resulting from the inability of a significant number of visitors/delegates to get to your event due to a single common cause (such as a transport strike, closure of road by the police, snow, petrol crisis). This cover is not available to purchase online, so please complete a proposal form which you can email or post to us, or call us on 01206 773851 for more details.