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.
- UK: Equine herpes outbreak cancels events
- Thailand: Tourists cancel rooms, flee red rally
“The loss in revenue as a result of the hotel rooms cancellation is estimated at 5.18 million baht....Total business losses for the day were estimated at 6.92 million baht."
- Europe: Two-thirds of this week's events canceled due to Icelandic volcanic ash
- USA: High winds, rain cancel Thursday's Kentucky Derby Festival balloon events
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.