Thursday, September 14, 2017

Happy Fun Time Insurance

The other day, we discussed what we've been calling "Special Event" insurance. And that's an accurate designation, up to a point. That type of plan falls under the category of "indemnification" (being made whole).

But there's another type of Special Events coverage, one that covers liability.

Hunh?

Here's an example:

A good friend of mine hosted his daughter's wedding reception at a local luxury car museum. He knew that there would be alcohol, as well as little children running around. And he knew that there were millions of dollars’ worth of antique luxury cars protected by, at most, a velvet rope.

So he (wisely) purchased this second kind of Special Events cover.

Why?

Well:

"Markel’s special event cancellation and event liability insurance protects event hosts and honorees from losses they may face, should the unfortunate occur. Policies start as low as $75"

(I'm going to focus on the liability aspect of this plan, because I think the cancellation part falls into the indemnification/"baseball insurance" camp)

Think about all the different kinds of events to which this would apply: weddings, of course, but Bar/Bat Mitzvah celebrations, auctions, and offsite business meetings, for starters.

And especially if these involve serving alcohol:

"Host liquor liability included."

And as the brochure points out "[m]any venues require liability insurance." I have to admit, I hadn't even thought of that. But it makes sense, no?

Oh, one last thing, which now seems obvious:

"Policies ... can be purchased any time at least one day before the event date" [emphasis added]

No kidding.

Special IB Thanks to Bill M for suggesting this topic and helping put together this post.
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