Event cancellation insurance: loss adjusting support in the spotlight
The purpose of event cancellation insurance is to guarantee the organization of an event against any pecuniary loss, linked to the abandonment or total or partial cancellation of the event regardless of the will of the organizers. Events are by nature an unpredictable industry. Whether it is a concert, a…
The purpose of event cancellation insurance is to guarantee the organization of an event against any pecuniary loss, linked to the abandonment or total or partial cancellation of the event regardless of the will of the organizers. Events are by nature an unpredictable industry. Whether it is a concert, a festival, a sporting event or an event, each event can be postponed or canceled due to many unforeseen events.
Importance of event cancellation insurance face to the unpredictable
Event cancellation insurance is essential in the events world. It covers industry professionals against a multitude of different threats: bad weather, unavailability of a key player, unusable decor or damaged costumes. All while reimbursing expenses incurred, exclusions allowing.
These potential risks, which pose a threat to planners, producers and directors, are not all covered by insurance policies. This is why insurers offer other so-called “all risks but” coverage to also address exclusions. These are specific risks that inevitably involve financial losses. The main risks include:
- Unavailability of people (a singer falling ill before a concert)
- Inclement weather (bad weather for outdoor events)
- Equipment (power outages)
- Safety and security (attacks, fire at the event site)
- Protests (the “Gilets Jaunes”)
- A pandemic (Covid-19 for example) (decisions made by prefectures that prevent an event from taking place)
These examples show how insurance coverage changes and adapts to new problems over time. Even more so when the events industry bears the full brunt of these problems.
In keeping with the times, insurance professionals are grappling with these problems.
A multitude of players and challenges in a diverse events world
Stelliant Loss Adjusting’s thorough knowledge of event cancellation insurance has earned it an excellent reputation with events insurers, planners and professionals. With past experience in the field, Stelliant Loss Adjusting experts have the right credentials for these types of events. They are former producers or audiovisual/events professionals who can adapt quickly to new environments and new colleagues. With their mastery of the jargon and their understanding of the challenges of various projects, they establish a relationship of trust with events industry professionals. That’s our quality loss adjustment guarantee.
Each situation is different, and planners do not all protect themselves in the same way, because each of their projects is unique. For example, bad weather is the bane of outdoor show producers, while the unavailability of a star is a nightmare for any director on set.
Cancelling or postponing an event, when it is possible, requires great flexibility. Flexibility that Stelliant Loss Adjusting experts bring to bear in their work, in the presence of all those involved.
Expertise honed over years of experience in the events industry. With a solid understanding of this ecosystem and its financial and artistic challenges, our specialist loss adjusters earn the trust of those they work with.
Offer an alternative in the face of the impasse
Stelliant Loss Adjusting works alongside insurers any time an incident prevents an event from going on as planned. Consulting, loss adjusting, cancellation decisions, loss adjusters specialising in event claims management oversee operations with moderation, flexibility and professionalism.
This type of loss adjustment requires experts to be responsive and accessible in order to limit the impact of the incident and manage the pressure on producers. With event cancellation insurance, insurers hire loss adjusters who work directly with producers. Often working in urgent situations, they strive to find quick solutions. And for good reason – the consequences for the project can be both financial and organisational. In other words, the company’s business is directly impacted.
In many situations, loss adjusters also work on site on standby. In case the event might be cancelled. This preventive presence – made possible by event cancellation insurance – allows loss adjusters to respond quickly and confirm with certainty that the cancellation is necessary.
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