K&K Insurance Group Inc., based in Fort Wayne, Ind., launched a new insurance program through Lloyd’s designed specifically to protect event organizers, promoters or sponsors against cancellation, abandonment, postponement, interruption, curtailment or relocation of insured events. The program’s ancillary coverage also includes failure of television transmission of an insured event due to any cause beyond the control of the insured or participants.
The policy automatically covers penalties imposed by the venue for failure to vacate the premises and extra expenses incurred in order to mitigate any loss. The policy also covers the normal contractual relationships of an event organizer, which can be adapted for any changed circumstances.
An event organizer’s revenue could be at stake due to a variety of uncontrolable incidents, including:
• Power failure
• Damage to leased or rented venue
• Damage to surrounding venues or infrastructure resulting in lack of access
• Failure of public transport facilities or denial of access
• Natural catastrophe
• Adverse weather conditions
• Non appearance of key individuals
• Inability to erect facilities at venue
• Disease outbreak (certain exclusions may apply)
• Strike risks
• Failure of TV broadcast
• Any other previously unforeseen cause not excluded under the wording.
Source: K&K Insurance Group,
www.kandkinsurance.com
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