CFC launches new event insurance package

Specialist insurance provider CFC has released a new package solution for event organisers, combining cancellation coverage, general liability and commercial property under one policy.

CFC’s new package allows organisers to protect the financial investment of their event, including everything from agreements with spectators, staff and performers to building and contents damage if organisers are legally responsible.

“The global events industry is booming and is expected to reach $2,330 billion by 2026. But just as the number of music concerts and festivals, sports events, exhibitions and conferences is growing, so are the risks that can impact not just their success but their ability to go ahead in the first place.” said Matt Helm, contingency practice leader at CFC.

“When it comes to events, there are a lot of moving parts, which means a lot can go wrong. The financial ramifications of postponement or cancellation on the organisers, venues and the many businesses involved in any event can be huge. By providing them with a packaged solution and a number of optional extras to cover their specific needs, we are providing them with peace of mind that they have comprehensive protection in place should the unexpected happen.”

CFC’s new event insurance package protects organisers against a broad range of liability exposures while the commercial property component also includes cover for contents that have been lost or damaged in transit as well as additional expenses like temporary repairs.

The policy will reimburse for costs associated with event cancellation, abandonment, curtailment, postponement or relocation for reasons outside of the organiser’s control, including the non-appearance of a participant.

Helm added: “With so many things to cover off, insurance can be one of the last things on an organiser’s to do list and unfortunately obtaining cover has traditionally been a lengthy and time-consuming process. Our experienced team, however, is able to quote most policies within 24 hours and bind policies instantaneously which could be a massive help to those looking to get their insurance sorted now for their spring or summer events.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​Everest Re Group income surges to $1bn in 2019
Ed Broking boosts parent BGC’s 2019 revenues but profits dip
​​Cultural transformation experts join Lloyd’s Culture Advisory Group
Besso Insurance Group appoints head of Besso Re Sw​iss Re Corporate Solutions appoints UK distribution head
CNA Financial ‘well positioned’ for 2020 on back of solid 2019 results
Gallagher makes key appointments in its UK specialty broking and underwriting divisions
Accenture launches cyber-attack response service for AXA XL’s business customers
​​​ RiverStone completes RITC transaction with The Channel Syndicate
LMA reveals key 2020 objectives as it gears up for post-Brexit world
HDI Global Specialty appoints new head of airline
Reinsurance software solution firm TAI enters longevity market
APRA proposes to uplift transparency around life and general insurance data​​

Don't miss our insurtech email newsletter - sign up today