Event Insurance: A Wake Up Call for Event Planners

Anxious to keep a lid on expenses, many clients are reluctant to shell out for medical, travel or event cancellation insurance. These headlines remind us why it is important.

Cancellations can cost an event planning firm its business.

  • Bahrain: Bahrain International Travel Expo Canceled Due to Unrest
    The 2011 F1 Grand Prix was also canceled.

    "Magnum Events & Exhibitions Management (MEEM), the exhibition organizer's staging the travel expo confirmed that it was also canceling other events in Bahrain and would be closing down the company in due course."

It is important for event planners to:

  • initiate event insurance discussions with all clients
  • ensure that their own coverage is in place

Remind corporate clients to check if affordable riders for specific events can be added to existing policies.

Some professional associations offer members access to affordable liability and event insurance.

  • MPI Canada

For the United States, MPI has a list of event insurance providers. Insurance is important for corporate events, special events, incentive travel, charity events, and weddings. The headlines are wake-up call.

Have any of your events been canceled due to political unrest or a natural disaster?

 

What challenges did this create?

Was event insurance coverage in place?

Update: After I wrote this blog entry, there was another wake-up call. Iceland's largest volcano erupted.

 

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