Why Event & Cancellation Insurance Will Always be Required for Organisers
No matter how small or large an event, every organiser faces several potential risks
Pollstar, the global concert trade publication, puts the total lost revenue for the live events industry in 2020 at more than a staggering $30 billion. This figure includes the unreported events, ancillary revenues, sponsorships, ticketing, concessions, merchandise, transportation, restaurants, hotels, and other economic activity tied to the live events.
Eighteen-months later, with the Covid cloud progressively lifting and with the business market re-stabilising, postponed events due to occur in Thailand, are now able to proceed.
In the next few months, Thailand will host several major trade shows across a variety of industries, with the first events to take place at IMPACT arena.
Although an event can take place successfully and be operationally profitable, organisers must ensure that they are covered against anything that may happen during the event for which they can be deemed liable. This can include, but not limited to: damage to the venue or any injury to an delegate. Having to pay these expenses from the event’s proceeds will erode profitability and possibly could result in an overall loss.
Organisers must look at their total risk profile when procuring insurance cover for an event. Event cancellation insurance will protect against the loss of costs, expenses, or revenues that result from the cancellation, abandonment, postponement, interruption, or relocation of an event.
Thailand Insurance Service is always happy to answer any questions on these policy issues and steer buyers towards making informed insurance purchase decisions.