Page 38 - Insurance Times February 2023

event insurance cover opted is this star One's 'Nach Baliye' - standard. You can also purchase additional cover for
a dance competition among mini-celebrities. The interesting Employers' liability for a suitable limit of your choice- your
part of the cover is that it provides to meet the cost of bringing legal liability to your own and casual staff.
in a new contest couple if any of the celebrity contestants
In addition to the standard covers above, you may also
are unable to make it, for reasons specified in the policy. This
purchase additional cover for:
particular policy also included a Rs. 2.5 Crore Personal Accident
Adverse weather for outdoor events (in the open or in a
cover for the stars in case any accident occurs during shooting
temporary structure);
of the serial. Besides, there is a Rs. 3.5 Crore Personal Accident
cover for all the key crew members and workers. Interruption cover for teleconferencing - available for
picture, audio or data image communication links;
In the show business the industry, largely uncovered, could Non-appearance of key persons - if your event is
be exposed to big risks. The stakes may be further high with dependent in whole or part on key speakers, celebrities
products booking locations based on dates allotted by the or entertainers;
superstars. Take for basic instances Kaun Banega Crorepati,
Travel insurance;
hosted by Amitabh Bachchan or Shah Rukh Khan. Kaun
Money insurance;
Banega Crorepati was one of the early ones to buy an event
Enforced reduced attendance;
cancellation insurance policy cover. Star TV had earlier
obtained a Rs. 10 crore cover from Oriental Insurance Co. Loss of net profit, etc.
Ltd. for the first phase of the serial. The channel had insured
Public Liability: This section covers your liability against claims
the sets and injury to audience and participants. The policy,
from the public while attending your event. The premium is
however, did not cover non-appearance of the celebrity, Mr.
often dependent upon the number of people attending your
Amitabh Bachchan, who hosted the show.
event. The levels of cover can vary depending on your needs
and you should discuss these with the event insurance
Details of Policy Coverage: companies or the brokers. This cover is usually a compulsory
The Events Insurance Policy Particulars - element of an event insurance policy.
The Events Insurance Portfolio includes cover for cancellation
Basically, it covers your liability against claims from the public
and abandonment, property damage and legal liability and
while attending specifically to your event. The premium is
offers you the flexibility to choose an insurance package to
often dependent upon the number of people attending your
match the exact cover you require.
event. The levels of cover can vary depending on your needs
and you should discuss these with the event insurance broker.
Cancellation - if your event is cancelled for reasons beyond
This cover is usually a compulsory element of an event
your control, the insurer will reimburse your irrecoverable
insurance policy.
expenses, up to the limit you choose. This includes cancellation
following terrorism for your event. Property Insurance: It covers the property used in the event.
The premium is usually dependent upon the value of the
Property damage - the insurer will cover loss of or damage to
property to be covered. The levels of cover can vary
your property (or property you are responsible for) either at or
depending on your event needs and you should discuss these
traveling to and from your event up to the limit selected by
with the event insurance companies or the broker.
you. The cover also includes loss of or damage to the venue's
buildings, fixtures, fittings and machinery up to the stipulated Employers' liability: It covers you as the organiser against any
limit selected by you. This property insurance section covers claims from any staff that you might employ for the event. The
the property used in the event. The premium is usually premium tends to be in relation to the number of staff which
dependent upon the value of the property to be covered. The you employ for the event. The levels of employer's liability
levels of cover can vary depending on your event needs and cover may vary depending on their needs and the insured should
you should discuss these with the event insurance broker. discuss these aspects with the event insurers or the brokers.

Legal liabilities - the insurers provide cover if you have to pay Cancellation and Abandonment cover: It covers your event
compensation to a third party following accidental bodily against cancellation or abandonment, postponement, failure
injury or damage to their property if the incident happens to vacate, adverse weather, and rainfall affected and any other
during your event. The cover also includes legal defence and eventuality beyond the control of the organiser of the event.
injuries from food poisoning caused by food or drink served as The extent of cover can vary depending on your needs and you
hospitality by you. It is basically a kind of liability cover as should discuss these with the event insurers/brokers.

34 January 2023 The Insurance Times