Many businesses and individuals in Hong Kong host special events. These are events such as weddings, sporting events, concerts, charity dinners and galas, and corporate or business functions. Since these are not considered regular events, the host should consider a Event Insurance Policy that offers the cover needed for the duration of the event.
For businesses, you might believe that cover is provided under the Public Liability policy, and it is, but only for specific risks. The risks that are presented by these events are considered special because they fall outside the cover provided in a normal liability policy.
When To Consider An Event Insurance Package?
For events that are held at a public venue, the venue manager is likely to require special event insurance with high limits to protect the venue in the event a third-party suffers bodily injury and brings an action against the host and the venue manager. For example, if you rent a public venue to host a wedding party, and an attendee is injured after a slip and fall, you, as the host of the event, are likely to be sued along with the venue owner. To transfer this risk to another party (mitigate the risk), the venue owner will require you to purchase the special event insurance policy and name the venue as additionally insured.
Most special event policies include cover not ordinarily found in typical public liability policies.
Event Cancellation Insurance
If your event is canceled for reasons beyond your control, this cover reimburses for irrecoverable expenses that have been pre-paid. For example, a pipe burst in the venue you rented requires you to cancel your event, or severe weather conditions on the day of the event prevents the event from going ahead.
Public Liability Insurance
Public liability cover is especially important and will pay if your event is found liable for bodily injury, property damage, wrongful arrest or detention, or trespass, interference , or obstruction.
Forced Loss of Audience Insurance
Event planners who are holding an event where an admission is charged, the audience will demand a refund if something prevents them from getting to your venue such as rioting in the area, loss of public transport, severe weather, reservation system breakdown , or a period of national mourning. In these cases, your policy would participate in refunding the ticket prices or assist with rescheduling the event.
Wedding Dress and Wedding Gifts Insurance
With many wedding parties, one of the highest expenses can be the cost of the bride’s custom wedding gown. This cover will reimburse the policyholder in the event the wedding gown suffers damage or destruction from a covered peril. This cover can also apply to the wedding gifts brought to the event.
If an intrinsic individual to the event is unable to attend the due to Illness, injury, illegal detention or death, then this cover will protect the event organizer against the financial consequences of having to cancel, postpone or abandon the event.
Most special event insurance policies are purchased to cover the time period of the event rather than annually, and the special event policy can typically be tailored to the event organisers specific needs and requirements.
Speak to your Trusted Union insurance adviser about event insurance to get your free no obligation quote