Empty event? No problem

The arctic weather that gripped the UK this winter has gone on record as being the coldest for decades. Thanks to the amount of snow that fell – and the disruption it caused – it will remain in people’s minds for a long time.

For some customers, it caused even more headaches as blocked roads, cancelled trains and icy venue car parks wreaked havoc on their carefully planned events, resulting in empty exhibition halls and closed conference centres. The Hiscox events insurance team is now encouraging event organisers to buy cover early – as soon as they sign a contract with a venue and start making payments.

Martin Linfield, Underwriting Manager, Event Insurance, says: “Event organisers should buy their insurance early so they get the best terms and the widest cover. You may not get cover for adverse weather conditions, for example, if forecasters are already predicting it.”

Hiscox’s conference and exhibition event insurance policy is designed with these types of organisers in mind. It offers wide coverage and protection to policyholders, demonstrating Hiscox’s understanding of what they need to keep their event going ahead – such as the provision of emergency funds. Under the cancellation section, there is a choice of including various additional covers, such as reduced attendance, terrorism threat and venue requisition.

Martin says: “Some customers may scrimp on insurance to try to save money in the current financial environment. This is a false economy; if their event is cancelled, they stand to lose thousands of pounds if they are not insured.

“Hiscox is a market leader in event insurance – our job doesn’t stop when a customer pays the premium. We monitor any circumstances that may affect their event and offer what help we can.”

This was demonstrated by Hiscox’s efforts when the snow was forecast. The events team phoned organisers to see if specialist claims consultants and risk managers could offer guidance. As a result, some events that faced cancellation without this assistance still went ahead.

“By working with organisers and their brokers, we can help keep events going if the worst happens, such as a strike, a major road closure or a terrorist attack,” Martin adds. “The key is being on the front foot and knowing about a problem as far in advance of the event as possible.”