Apr 19, 2018

Event Insurance Policy : India

Event Insurance in India 

Hey do you know that events can be covered under an Insurance Policy plan. 

If you are planning an event, whether it’s a Corporate Conferences, Seminars, Live Concerts, Sports Events, Wedding Ceremonies, Award Ceremonies, School & College Annual Functions, like Cricket, Football, Hockey, Kabaddi, etc. 
Make sure you have appropriate event insurance in place, which can help protect your event from those unforeseen circumstances and losses to you and your business.
These events are protected against risks such as cancellations of event, any type of human error, bad weather occurred, mismanagement and so on. This insurance policy protects the insurers against unforeseen and potential loss.

What is covered under Event Insurance?
° Material damage
° Cancellation of Event
° Public Liability
° Personal Accident

Material Damage to Property
Range of Cover:
Direct physical loss/ damage caused to property insured due to:
- Std. Fire & Allied Perils including Earthquake.
- Burglary & Theft.
- Any tangible assets installed or utilized at the venue for the purpose of the event. 

Foremost Eliminations:
Most of the companies don’t cover material damage due to:
-Any damage caused to any property to be utilized for the insured event caused by wear & tear, gradual deterioration, depreciation, mechanical or electrical breakdown. 
-Unexplained/mysterious disappearance or shortage in respect of the property to be utilized for the insured event discovered upon taking of inventory. 
-Loss or damage to property stored outdoors without due attendance or supervision. 
-Damage to, or destruction of, property caused intentionally by the Insured or at Insured's direction.

Cancellation of Event
Range of Cover:
Cancellation or postponement of the Event due to:
-Fire & Allied perils including Earthquake at the Venue.
- Burglary & Theft at the Venue.
-Sudden, unexplained, un intimated failure of the Named Person (s) to appear for the Event on account of any of the following contingencies.
-Death of such Named Person(s).
-Personal injury, either temporary or permanent, which renders the Named Person(s) incapable of appearing at the insured event.

Expenses on the following things will be covered:
- All non-recoverable Expenses incurred to organize the event.
- Revenues Related to event.

Foremost Eliminations:
Most of the companies don’t cover cancellation of the event due to:
-Any consequential loss due to cancellation of the insured event.
-Unexplained/mysterious disappearance or shortage in respect of the property to be utilized for the insured event discovered upon taking of inventory. 
-Damage to, or destruction of, property caused intentionally by the Insured or at Insured's direction.

Public Liability
Range of Cover:
Liability towards third parties for any accidents resulting in injury or damage occurring at the venue of the Event in connection with the Event, ensure it’s within policy period.

Foremost Eliminations:
Most of the Insurance Companies don’t cover any liability arising due to:

Pollution:
-Acts of God, earthquake, earth-tremor, volcanic eruption, flood, storm, tempest, typhoon, cyclone or other similar acts or convulsions of nature and atmospheric disturbances.
-Deliberate, wilful or intentional non-compliance of any statutory requirements.
-Fines, penalties, punitive or exemplary damages or any other damages resulting from the multiplication of compensatory damages, or arising out of any criminal liabilities
-Loss or damage caused to the Visitors' clothing and personal effects, etc.

Personal Accident
Range of Cover:
Named person including Blood relation & relatives are covered against
- Accidental death
- Permanent partial Disablement
- Permanent Total Disablement

Foremost Eliminations:
Most of the Insurance Companies don’t cover any liability arising due to:

-Compensation under more than one of the foregoing sub-clauses in respect of the same period of disablement of the insured person.

Compensation in respect of death, injury or disablement of the insured person from:
(a) intentional self-injury, suicide or attempted suicide,
(b) whilst under the influence of intoxicating liquor or drugs.

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