A Review of Special Event Liability Insurance
Making Sure You’re Covered in Case of Mishaps
Typically, event planners choose special event liability insurance to cover their event and indemnify them for any claims that may result from occurrences or accidents at the event they are hosting. The insurance provides protection against any damages made by a vendor or guest to the facility. It also safeguards the policyholder from bodily injury claims that are made by a guest. If host liquor liability coverage is added to the policy, then alcohol-related accidents are also covered too.
Amounts of Coverage
Many states offer several different kinds of special event liability plans with host liquor coverage incorporated into the policy. If host liquor liability coverage is not required, then it can be excluded from the plan, thus reducing your premium. A basic plan covers $500,000 general aggregate, or the maximum limit of insurance that can be paid during any named annual period, with some plans providing protection in the amount of $1,000,000 and $2,000,000 as well.
Business Functions Covered by Special Event Liability Insurance
Special event liability insurance can cover business events as well as private parties. Business functions that are covered include company dinners, private corporate parties, non-profit events, and business meetings.
Examples of Private Parties Covered by Special Event Liability Insurance
Private parties are insured in the form of baby showers, baptisms, anniversary parties, birthday parties, engagement parties, class reunions, wedding showers, wedding receptions, graduation parties, and family reunions.
Obtaining Quotes
When obtaining quotes for special event liability insurance, make sure you acquire prices for the insurance in the place where you reside even if the venue for the event is outside of your place of residence.
A Few Final Notes
A special event liability policy protects the named insured, or the person or business for which the plan was purchased. In cases of private events or parties, you can include as many as two honorees as well. The honoree is the person being honored at a hosted event. For example, if you were hosting an engagement party for your daughter and her fiancé, then they would be considered the honorees on a special events liability policy. A special event liability policy can be purchased individually, or obtained in combination with an event cancellation policy. Most consumers buy both policies to be on the safe side and also receive a discount on the price they pay.
No related posts.
