What insurance professionals need to know if meeting attendance resumes | PropertyCasualty360

The best articles on the Internet: Experience

Advantages:

  • More than 500 types of events
  • Legal documents are provided in minutes
  • Available in all 50 states
  • Disadvantages:

    • Alcohol consumption guidelines are important regardless of alcohol consumption
    • Policies not written by Eventsured

    (Money: Experience)

Best for high limits: Philadelphia Insurance Companies

Advantages:

  • A standard policy starts at $3 million in comprehensive insurance with a maximum amount available
  • Event cancellation limits up to $175,000
  • There is no deductible for credit claims

Disadvantages:

  • There are no cheap options
  • Military deployments are not covered
  • Events that go past midnight require a two-day spread

(Credit: Insurance Companies of Philadelphia)

Best price: Markel

Advantages:

  • Event-related coverage starts as low as $75 per $500,000 in coverage
  • Fifteen percent discount is offered when you buy credit and restrictions together
  • Minimum of $25 removed due to restrictions

Disadvantages:

  • Interest is not available in other countries
  • $300 limit on cash gift disposals
  • Property damage claims result in a $1,000 deductible

(Currency: Markel)

Best customer service: Travelers

Advantages:

  • Support is available by phone, email, and online chat
  • Telephone lines are open 24 hours a day
  • Online documentation and information management

Disadvantages:

  • A few types of events are covered
  • It does not provide for independent regulation
  • None in Alaska, Hawaii, or Louisiana

(Course: Travelers)

Best for weddings: WedSafe

Advantages:

  • It covers marriages in the United States and more than a dozen other countries
  • The existing relationship with thousands of sites
  • The cancellation option can be purchased up to 15 days before the event

Disadvantages:

  • $1,000 deductible for property damage purposes
  • It does not hide the ban due to a change of heart
  • Bans certain special events including live animals and fireworks

(Credit: WedSafe)

Best in industry practice: USLI

Advantages:

  • Policies include general liability, alcohol debt, and medical bills
  • A flexible term for events of one or more days
  • Up to 10,000 visitors

Disadvantages:

  • Policies must be purchased through an agent
  • Not good for small events

(Credit: USLI)

Congratulations: RVNA

Advantages:

  • The cheapest plans start at $50 for complications
  • Coverage is available for both minor and major incidents
  • Online articles

Disadvantages:

  • Phone requests only
  • $2,500 deductible for property damage purposes

(Credit: RNVA)

After two years of trial and error, the venue is starting to see a rebound as LendingTree reports that concert attendance is back to pre-pandemic levels.

This year, Americans are planning to attend four concerts, up from three last year and on par with 2019, according to online shopping site.

For risk managers and event planners, the keys to success are being prepared, being patient and starting early, according to Mona Grabowski, vice president, entertainment, reason. Hub International. Due to the harshness of the market, energy problems and the loss of industrial activities, carriers are now focusing on safety standards and procedures, the appropriate risk management system and contractual obligations.

“Combating industry labor shortages and job losses have become a major concern for event planners and risk managers,” Grabowski told PropertyCasualty360.com. “For the most part, COVID stopped the business for two years and during those two years, information companies and other people either left the place or simply found themselves ‘not doing’ their daily work, which before the pandemic was secondary in nature.”

He explains that access to information and consistency in real-time locations is not only essential to the success of an event, but also makes carriers more comfortable in insuring other events.

The frequency and resistance increase

Venues aren’t the only ones facing staffing challenges, as Grabowski says insurers are still working to recover.

Carriers continue to suffer from their own challenges related to staff shortages and limited resources, resulting in delayed response times and disruptions. Further, claims are increasing as attendance increases, says Grabowski, adding that claims are taking longer to process, investigate and pay.

“We’re seeing more denials and claims than we had before the pandemic,” he says. “I believe this is the result of all the payments for natural disasters that insurance companies have to pay for such as hurricanes, tornadoes and fires. Times have changed.”

The above image display includes Articles from Investopedia.com of the leading life insurance companies in seven categories.

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