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No one knows what will happen in the next six to 12 months with the COVID-19 pandemic. Will there be an effective vaccine? Will we see more waves of outbreaks? Will there be a tightening of restrictions limiting public gatherings? Will your event be cancelled?
In part 1 of our event cancellation blog, we looked at how COVID-19 has been particularly devastating to the trade association industry, where conventions and conferences make up the vast majority of revenue, because of the unprecedented number of event cancellations. Canceling an event equates to huge financial and business costs from lost revenue and deposits to lost growth opportunities.
If organizations didn’t purchase communicable disease (CD) coverage when they bought their insurance policy, not only were they unable to recoup losses from canceled events, but it’s too late to buy coverage for events that were already scheduled for the fall or winter.
Just as COVID has hardened the insurance markets for everything from property and casualty to professional liability, mounting claims are making event cancellation coverage nearly impossible for most insurance carriers to write. Fewer and fewer insurance companies are willing to write new business for event cancellation insurance and many have pulled out of the market altogether.
Because of all the uncertainties tied to COVID-19, being able to purchase event cancellation coverage for your big event can mean the difference between salvaging your business or shuttering for good. We have worked with underwriters to get many millions of dollars paid out in claims to insureds from events that were canceled this year due to COVID-19 and will continue to do so as more events are canceled around the world.
Considering a virtual event in lieu of a live convention? Online conferences are important revenue-generators for associations, but they carry their own set of risks such as power outages and technical glitches. We offer coverage for rescheduled virtual events, as well as planned 2021 and beyond events.
One of the most difficult and costly aspects of event planning is the long lead time. Trade associations often plan two to three years out to allow time to secure contracts with venues and vendors. Being able to write insurance coverage for events 36 months or more into the future guarantees peace of mind in planning.
Contact us to learn more about how you can get CD coverage for your event cancellation policy. In addition to conference, conventions, trade shows, and expos, CD coverage may also extend to events like concerts, weddings, promotional meetings and trips.
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Connect with the Risk Strategies Convention Cancellation team at https://cciprime.com.