For all of us living and interacting in the modern world, we can agree that it’s a wonderful, yet unpredictable place. The purchase of event insurance provides you with the ability to navigate any stormy seas while resting assured that your organization’s boat does not capsize.
What does it cover?
Event cancellation insurance can provide a hosting organization with financial remuneration for hotel block attrition, speaker cancellations, communicable diseases, force majeures, terrorist threats, and other issues that are out of the control of the hosting organization.
How does it work?
Event cancellation insurance can be purchased in two different ways—coverage can pay for either the conference gross revenue or net expenses and your policy will be written accordingly.
As a general rule, you can anticipate a premium fee of around .5% of gross receipts or expenses (e.g. $500 premium fee for every $100,000) of coverage your conference requires*. Each policy has different stipulations, so it’s important to look at what elements may pose the greatest risk to your event. Location is a key factor to consider when vetting policies and determining coverage. For example, in California, earthquake insurance is an add-on to the cancellation insurance, whereas in Nebraska, earthquake insurance would most likely be included in the standard cancellation policy.
What kind of policy should you purchase?
There are various insurance policies and providers. Our recommendation is to connect with a policy broker who will work in tandem with you to provide you with a variety of options and help you select a policy best suited to your event needs.
When should you purchase a policy?
The sooner, the better! Premium prices are the same regardless of when the policy is purchased; however, coverage goes into effect as soon as the purchase of the policy is finalized.
Want to learn more?
Want to learn more about event cancellation insurance? The MeetGreen Team is happy to answer any questions and put you in touch with our professional providers to help you attain the optimal policy for your event.
*General rule of thumb. Please consult with a qualified insurance agent for specific pricing.
Carole Garner – Director of Conference Management
Karlyanna Kopra – Project Manager