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State of the Cancellation Insurance Market.
As Show managers, we all keep their eye on trends in Event Cancellation insurance.
Here is info on the Cancellation insurance marketplace and the IAEE-endorsed ShowDown® program
The most common question is whether insurance is available for cancellation or disruption due to Communicable Disease – CD.
The answer is no.
No insurance exists for loss due to CD. However, as mentioned by Jack Buttine, “IAEE’s ShowDown® program protects events of all sizes – both new and old, against the many other perils that cause shows to be cancelled or disrupted”.
The ShowDown® program covers a wide range of risks including venue-related floods or fires, adverse weather – as in Texas last winter, hurricanes, strikes, power outages, and civil commotion in the US.
Terrorism can also be covered and there are different levels of coverage ranging from the “included” or free limits to coverage for full the full show revenue with no coverage restrictions on where the terrorist act occurs.
Insurance premium rates are changed from those of several years ago, but ShowDown® is highly competitive, and service continues to be extraordinary. Due to early COVID related covered claims, there are fewer insurers and rates are expected to increase.
“ShowDown® can insure multiple editions of events – up to 36 months, on the same policy. Buying your events’ cancellation insurance coverage for several years is smart move because it locks in insurance terms and pricing”. Given the way the market is moving, that is an excellent point.
For additional information or to get a proposal call or contact IAEE or www.ShowDownins.com.