Colonnade Event Protect insurance provides and innovative solution designed to safeguard companies and event organizers worldwide against the financial risks associated with event cancellations due to unforeseen circumstances. With Event Protect, organizers can decrease potential losses caused by cancellations, postponements, interruptions, curtailments, or relocations of events.
Who is Event Protect designed for?
Event Protect insurance is an innovative solution enabling companies and event organisers to protect themselves against the risk of event cancellation due to unforeseen circumstances. The insured event may be the cancellation, cancellation, postponement, interruption, curtailment or relocation of the insured event. Event Protect insurance is offered as part of a package that also includes the event organiser's third-party liability (including mandatory mass event organiser's liability). This allows for comprehensive cover for the needs of event organisers.
What does the insurance cover?
Cover is available for expenses, i.e. costs and charges incurred or incurred by the insured in connection with the organisation, as well as net profit.
Colonnade insures events of all kinds, whether sports, leisure, arts, entertainment or business. These can include all kinds of events, from concert tours, association conventions, corporate events, theatrical performances to trade shows and outdoor events. Insurance is suitable for both open, free-of-charge events and closed events for which a ticket must be purchased. It can be taken out for events with a small number of participants as well as large events, including mass events.
Dr. Diana Bożek, Cross-Country Commercial Business Director at Colonnade, emphasizes the importance of raising awareness about the benefits of specialized insurance products like Event Protect. “By providing tailored solutions and disseminating knowledge about risk mitigation, Colonnade aims to empower brokers, clients, and business partners globally in making informed decisions regarding event planning and protection”, she explained.
Examples of risks
Event Protect's insurance covers the risk of event cancellation for reasons beyond the organiser's control, such as natural disasters or bad weather that may prevent an outdoor event from taking place. In addition, it also takes into account the need to postpone the event due to transport problems or the cancellation of the main star's performance due to illness, injury or travel delay. It is worth noting that the insurer does not cover situations where the event was not successful due to insufficient promotion, failure to obtain administrative approvals or ticket sales below expectations. The insurer further stipulates that not all types of events will be in the orbit of interest. For example, some stars, due to historical incidents, face a patch of unacceptable risk. A risk assessment on a case-by-case basis will be important.
“Insurance coverage is flexible and individually tailored to our client's needs. Depending on whether the event is, for example, outdoor or indoor, the risk factors will be different. The entity that decides to take out insurance should determine what risks it wants to protect itself against, what type of event it is planning, how long it will last and what budget it wants to secure”, added Dr Diana Bożek.
The insurance cover can be extended to include additional risks, covering situations that may affect the success of the event. In addition to cancellation for reasons beyond the organiser's control, the policy may also cover the non-attendance of an insured person named. This is particularly relevant, for example, for concerts by well-known singers. Subject to payment of an additional premium, it is possible to extend the cover to include a variety of clauses such as adverse weather conditions, terrorism, civil unrest, national mourning, attack by an attacker, attendance problems, failure to leave the venue, request for relocation of the venue. It is also possible to provide protection for events taking place in a so-called hybrid mode, which includes the failure to stream online. This provides organisers with comprehensive protection against various scenarios that could jeopardise the event.