From small one-day community events to a world renowned ten-day celebration like the Calgary Stampede, a lot goes into organizing and insuring festivals and special events. Events are exposed to many risks, including injury to attendees, event cancellation, non-appearance of performers, adverse weather and even terrorism. Whether you are insuring an event or festival involving food, music, art or beer, or something entirely different, each event requires a unique insurance package.
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It has become more difficult in recent years to insure festivals due to increased weather uncertainty, higher insurance premiums and past festival major failures, such as Fyre Festival.
The best way to ensure your event or festival doesn’t turn into an insurance nightmare is to be prepared with plans for every situation that could occur.
There are two main types of insurance for festivals and other events. The first (and most common type) is event liability. Like other forms of liability insurance, this protects the event organizers from liability for injury or property damage caused by the festival, such as a guest slipping and falling on site. If the festival is selling alcohol, then event liability coverage can also protect against liquor & host liability.
The second type is event cancellation. Cancellation coverage protects the organizers from financial loss should the event be cancelled due to a covered peril, such as flooding, windstorm, earthquake or terrorism. Coverage for performer non-appearance is also available on most cancellation policies.
A few things to consider
Take extra caution when insuring first time festivals that can bring more uncertainty. If the festival is looking for insurance in it’s first year, look for event planners and organizers that have past experience in successfully operating and producing similar events. Knowing who oversees security and medical services is also important in ensuring the festival’s level of safety. Be sure to also disclose load-in and load-out dates if applicable.
Organizers of the event or festival should have access to certificates of insurance from all vendors and contractors that are involved, and they should add you as an additional insured on their policies.
When applying for festival or event insurance, give as much information as you have about the festival and who is involved, and be aware of policy exclusions. A proper risk management plan is key to both lower insurance premiums and to a well-executed event.
Finding the right coverage
If you are on the hunt for insurance for an upcoming special event or festival, you’ve come to the right place. The expert brokers at Fuse are experienced in event insurance and can help find customized coverage tailored to your festival. We also offer coverage for other types of events including music festivals, beer & wine tastings, galas, company events and more.
Fuse Insurance Ltd. is the evolution of the commercial insurance brokerage, and the first of its kind in Western Canada. Backed by policies from a selection of A-rated insurers, Fuse Insurance can provide coverage for businesses large and small from almost any industry. Get started on your quote by filling out our special events insurance application or call us at 1-866-387-FUSE (3873) for more details.