Day of Event Insurance
You wouldn’t spend thousands of dollars on a product without purchasing insurance, right? The same logic holds for spending thousands of dollars on services, you want to make sure you are covered (just in case). Day-of insurance or Special Event Insurance does that for a fraction of your investment. It can help protect you from financial loss if you unexpectedly need to cancel, or if you’re found responsible for property damage or injuries that occur during the event.
There are 3 very important clauses you should be familiar with:
- Force Majeure or Act of God
A force majeure provision addresses the conditions under which a party may terminate an agreement without liability in case of major unforeseen events. Although cancellation and re-book clauses seem self-explanatory – it is important you understand the details of these in each contract you sign. It is important to be very clear in understanding these 3 clauses in the event you or your vendor need to cancel the contract for any known/unknown reason. Although there is tons of excitement in creating a special moment we have to think through the “what if” scenarios. These clauses are your way out should any what if scenarios happen to come to fruition.
Planners are awesome. We can plan through most things except for – weather! But fear not — what you can put in place is a mitigation action in your plan on what to do in the event your outdoor event (or portion of your event) has to come indoors. What would the cost be? Do you have go-to vendors to assist in the change? How far in advance do you make that shift? What are the triggers for shifting the plan from plan A? All of these questions, particularly for weather dependent events should be part of your Risk Management Plan (nice segway to the section below…)
Risk Management Plan
This is concise list of all the concerns (associated with type of event, venue, location, vendor, date/time of year etc.) would be placed. Along with those concerns, you want to capture things to include : trigger date, mitigation, impact level (i.e., low, medium, high), probability of occurrence (i.e., likely, unlikely, highly likely). This will give you a visual of what are the items of concern and when you will make a call on shifting to the mitigation plan (i.e., plan b). If all goes well, this plan will not have to be put into action but in the event that something has to shift, you’ll be glad you have it! Thank me later 😊