View this article online: https://www.insurancejournal.com/news/national/2016/10/17/429453.htm
Take1 Insurance has introduced Take1 Combined Crisis Cover insurance protection for the live and special event industry. The coverage provides immediate coverage of up to $1 million annually in the event of, or threat of, malicious acts including terrorism and those caused by an active assailant who interrupts or cancels a planned live event.
Created by Take1 Insurance, a coverholder of Lloyd’s, the policy also protects against property damage and general liability caused by an active assailant.
The Take1 Combined Crisis Cover policy contemplates many of the more likely malicious acts, or threat of malicious acts, industry professionals can face today, where professionals need to be concerned about entertainment events becoming a growing target for terrorists and perpetrators of violence.
The policy is targeted towards event service firms (equipment rental, audio/visual production and installation companies, as well as event planners/promoters), DICE (producers of documentary, industrial, commercial, and educational content), and touring entertainers, shell corporations, festivals, special events, and venues.
Unlike TRIPRA (Terrorism Risk Insurance Program Reauthorization Act) coverage, the new Take1 Combined Crisis Cover is not specific to the commission of a terrorist act as determined on a case by case basis by the U.S. Secretary of the Treasury and which has difficult-to-achieve minimum damage thresholds in order for insurance coverage to respond.
“TRIPRA is designed to protect against extraordinary loss after a minimum of $5-million in aggregate loss is achieved,” Take1 Insurance Executive Vice President & Program Director Scott Carroll said.
Carroll added that insureds and their agents need an insurance program that kicks in immediately whenever a malicious act, or threat thereof – which can include terrorism, but does not need to – is either committed or threatened in a way that forces the interruption or cancellation of, or causes property damage or creates certain liabilities at, a planned event. The new multi-peril policy provides a way to recoup some of their business interruption, property damage, and certain liability losses.
The Take1 Combined Crisis Cover policy includes coverage for active assailant, threat of malicious acts, terrorism property damage and business interruption loss, as well as terrorism and active assailant liability.
A policy offering annual coverage can be purchased starting at $745, depending on limit and risk profile, and applies anywhere in the United States and its territories. The Combined Crisis Cover is designed to provide insurance protection for companies affected by tragedies that may never be deemed to be an act of terrorism, such as Boston Marathon Bombings and the more recent Pulse Nightclub Shootings — both of which were not certified as acts of terrorism.
Carrol said policy deductibles start between $1,000 and $2,500 (depending on the limit purchased), and include coverage protection of up to $1 million annually. Additional limits may be available with carrier discussion.
U.S. Risk’s Take1 division has been servicing the insurance needs of the film and television production industry and has expanded significantly to meet the needs of audio-video and communications industry clients as well. The company’s experience includes underwriting film and television production companies, DICE (documentary, infomercial, commercial, educational) producers, touring entertainers, concert/playhouse venues, concert promoters, video game developers, and specialty rental operations focused on audio, visual, lighting, sound, grip, and production.