Event Insurance Policy

An Event Insurance Policy is a package insurance policy providing coverage for various risk exposures associated with organizing an event. The Event Insurance Policy provides reimbursement for Insured Expenses, which are budgeted and declared by the Insured and incurred directly on account of the Insured Event.

Event Insurance Policy is also known as Event Cancellation Insurance since the Policy insures the risk of Event Cancellation.

The Policy provides coverage under 4 sections:

Section I: Event Cancellation: The Event Cancellation section of the Event Insurance Policy reimburses the Insured Party for any irrevocable insured expenses incurred because of cancellation of the event.

Section II: Material Damage: The Material Damage Section of the Event Insurance Policy reimburses the Insured Party for any damaged caused to sets, costumes, props etc which are installed at the venue of the Insured Event on account of fire and allied perils.

Section III: Personal Accident: The Personal Accident Section of the Event Insurance

Section IV: Public Liability: The Public Liability Section of Event Insurance Policy indemnifies the Insured against the legal liability for accidents resulting in Bodily Injury or Property Damage at the venue of the Insured Event.

An Event Insurance Policy can be suitable for the following events:

1. Concerts
2. Weddings
3. Conferences/Seminars
4. Music Festivals
5. School/College Annual Functions
6. Birthday Parties
7. Major Sporting Events
8. Trade Shows/Conventions/Exhibitions

The Event Cancellation Section of Event Insurance Policy provides the following coverages:

The Event Cancellation Section indemnifies the insured against Insured Expenses irrevocably incurred by the Insured because of cancellation of the insured event due to:

1. Ban imposed by State/Central Government.
2. Government directive specifically intended to cancel the insured event due to matters of national/state importance such as death of dignitaries occurring.
3. Bandh/Civic unrest.
4. Non-transportation or Non–availability of electronic equipment required for live media coverage of insured event caused by accident to vehicles meant for transporting the same.
5. Technological failure of computers and its accessories, or other accessories, which are instrumental to the recording or taping of the insured event, for accidental reasons whether electrical/mechanical breakdown and/or loss/damage to the system on account of external accidental causes, beyond the control of the Insured.
6. Risks of fire, lightning, explosion, riot, strike & malicious damage, impact damage, aircraft damage, storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation, subsidence, landslide (including rockslide), earthquake, burglary and theft.
7. Sudden, unexplained, unintimated failure of the Named Person to appear for the insured event on account of any of the following contingencies:
   • Death of the Named Person.
   • Personal injury, either temporary or permanent, which renders the Named Person incapable of appearing at the insured event.
   • Illness
   • Act of Gods, storm, tempest, flood, inundation, typhoon, hailstorm, earthquake, landslides.
   • Riot, strike, civil commotion, terrorism.
   • Kidnapping. and
   • Complete breakdown of transportation services which shall prevent the Named Person from reaching the designated venue.

Delay of the Named Person's flight by more than 24 hrs from the scheduled arrival time at an airport nearest to the venue.

An Event Insurance Policy reimburses the Insured Expenses to the Policyholder on account of event cancellation. "Insured Expenses" shall mean all costs, including overheads, incurred directly on account of the insured event, as may be budgeted and declared by the Insured.

The Material Damage Section of the Event Insurance Policy indemnifies the Insured against damage caused to sets, costumes, props, wardrobe, related equipment and other assets belonging to the Insured or leased, rented, or hired by the Insured whilst such property is stored, fixed, installed or in use at the Venue of the Insured Event or even in transit to the venue, due to following risks:

• Fire
• Lightning
• Explosion
• Riot, strike & malicious damage
• Impact damage
• Aircraft damage
• Storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation
• Subsidence, landslide (including rockslide)
• Earthquake
• Burglary and theft
• Terrorism

Public Liability Insurance Coverage will cover the Insured Party against the legal liability of the Bodily Injury and Property Damage at the venue of the Insured Event in connection with the insured event during the Policy Period.

The Policy will pay compensation including claimant's costs, fees and expenses anywhere in India, in accordance with Indian law.