Event Insurance
Here at NZEA, we want to stress the importance of having event insurance in place. Early 2023 saw weather events in New Zealand that were catastrophic, causing the cancellation of a large number of events.
We strongly suggest event promoters and industry professionals consult with an experienced insurance intermediary to discuss their specific insurance needs and to ensure that they have the appropriate coverage in place. By doing so, they can have peace of mind knowing that they are financially protected in the event of an unforeseen circumstance that may cause their event's cancellation.
NZEA have joined forces with Gallagher Insurance (formerly Crombie Lockwood) to provide you with unparalleled advice and exclusive access and rates for event insurance.
Gallagher have been providing the highest level of insurance advice for over 40 years. Exclusive to NZEA members is a 10% discount on any insurance policy placed through Gallagher.
As part of this collaboration, you will also have direct access to one of their more senior brokers, Damian Nettman, who possesses extensive knowledge in the events sector. Damian will be readily available to address any insurance-related inquiries or concerns you may have, ensuring that you receive personalised assistance and expert advice.
Additionally, we are delighted to inform you that EventCover has introduced a policy, called "Communicable Disease and Enforced Reduced Attendance Cover”. Communicable Disease Event being defined as the introduction of a new, or the amendment of any existing Government Restrictions during the Period of Insurance as a direct response to a Communicable Disease. The added ERA extension would kick in when an event was able to proceed but the government restrictions meant that they had to cancel due to the enforced limitation in attendance or participation numbers.
This is exclusive to NZEA members via EventCover and terms can be provided within 45 days of the event.
Don't miss out on this incredible opportunity! Take advantage of the benefits offered through this partnership and secure your event insurance with confidence.
Should you have any questions or require further assistance, please feel free to reach out to us directly at elaine@nzea.co.
What insurance cover do I need?
Festival
A festival should consider a number of insurances including, but not limited to:
Event Cancellation Insurance
Public Liability Insurance
Statutory Liability
Local Community Event
Events taking place in the community e.g. Santa Parades, Matariki events, etc, should consider taking out:
Public Liability Insurance
Sporting Participation Event
Ensuring you have adequate cover for these high-attendance events is crucial. Here are some insurances to think about:
Public Liability insurance
Event Cancellation Insurance
Making a claim on event insurance
By Stu Hartley, Managing Director, EventCover.
While not intended to provide specific advice or recommendation, the below provides a general overview of the event cancellation policy requirements. Specific advice should always be sought from a licensed advisor or insurance broker.
1. Assessing the Need to Cancel an Event
Before the difficult decision is made whether or not to call on the event cancellation insurance, event professionals must carefully assess the need to cancel an event in the first place. Factors such as safety concerns, government regulations, venue availability, and attendee welfare should all be taken into account. It is not for the insurance provider to make this decision, but the event professional themselves.
2. Engaging with Insurance Providers
In the event of an actual cancellation, it is important to promptly notify the insurance provider of the intent to claim. Most event cancellation insurance policies require notification within a specified time frame as to not prejudice the outcome of the claim or the actual insurance provider. Event professionals should familiarize themselves with their policy terms to ensure compliance and if required, seek advice from their insurance broker.
3. Providing Documentation of Loss
Event professionals are responsible for documenting the financial loss incurred due to event cancellation and proving that an insured loss has occurred. In order to assist with a smooth process, the expectation would be maintaining records of expenses, contracts, and financial projections related to the event. Video and photographic evidence is also extremely important when proving that a loss has occurred, especially if the cancellation is due to adverse weather.
4. Collaborating with Loss Adjusters
Insurance companies may assign loss adjusters to assess the validity and extent of a claim. Event professionals should cooperate fully with loss adjusters, providing access to relevant information to facilitate the assessment process in line with the conditions of the insurance policy. Loss adjusters will act as the insurance providers eyes and ears and can be a very valuable source when discussing the initial decision to cancel. If additional un budgeted expenses are to be spent in order to save the event from being cancelled, the loss adjustor will play a key part in working with the event professional at this stage.
5. Understanding the Role of the Insurer
It's important to recognize that event cancellation insurance policies place the responsibility on the insured party to demonstrate the occurrence of a covered loss. While insurance providers can offer general guidance and support throughout the claims process, they are not able to provide regulated financial advice or advise event professionals on when to cancel an insured event.
Conclusion
Event cancellation insurance offers financial protection against unforeseen disruptions, but event professionals must carefully navigate the claims process. By understanding key considerations, including engagement with insurance providers and loss adjusters, event professionals can better protect their events against financial loss. and ensure a smooth claims process and hopefully a positive outcome.
For further information and specific guidance on event cancellation insurance products, it is recommended to consult with a qualified insurance broker or legal advisor familiar with the insurance landscape in New Zealand.
Stuart Hartley
Managing Director, EventCover
