Events Insurance: Highlighting 2 Types of Event Insurance Policies

Insurance as an industry has evolved from the traditional life and property insurance to cover areas that were hitherto unthought-of. As things stand today, insurance companies have entrenched a dynamic approach in creating insurance products, which are called policies. Aside from the traditional policies, they have adopted a dynamic approach in developing insurance products that suits whatever occasion.

The guiding principle behind this a approach is that every aspect of life can be reduced to risks and cost of mitigating or compensating for such risks if they occur. Once everything is knuckled down to this, they become like any traditional for of insurance cover. Therefore and with this in mind, we can say that all insurance policies are the same because they hold this at the core of their existence.

I want to highlight events insurance by looking at two types of insurance cover that anyone can get for an event. Event insurance may not be so popular but it is becoming an integral part of some types of event. It is obvious that event insurance will keep on evolving and more products will be created to meet the variables that makes one event different from the other so it is something that event mangers to put to heart.

The two types of events we will be looking at together is:

One Day Events Insurance

Special Events Insurance

We are highlighting these two to show how any event manager or anyone organizing an event can tap insurance policies that would effectively cover them for the duration of that event. It also underscores how insurance has evolved to address the multi-faceted nature of risk.

One Day Events Insurance

You must have heard of a One Day Car Insurance Policy. Those who have would find it easier to grasp the format of a One day Event Insurance policy. For those who are hearing about both for the first time, such a policy is designed to serve those who have events that are meant to last for a day or less.

A One Day Event Insurance Policy covers the event and provides insurance against things that might go round. Weddings are big occasions but most of the time, they last for just a day (depending on the country you are living and how loud a noise your want to make). Covering a wedding by buying such a policy would be ideal.



Things that can go wrong in a wedding are numerous. There could be damage to rented property, accidents, disability and loss of life and property. This may be things no one would like to hear when they are planning their wedding but if they can plan against other things that can go wrong (or usually tends to go wrong) in a wedding, taking out a One Day Event Insurance Policy may just be the right thing to do.

Another example of an event that such an insurance policy can be very important are concerts. Concerts are prone to certain kind of risks. Injury and damage of property easily comes to mind. Insuring an event like a concert leaves you assured that there are certain issues that you will be able to handle.

A Word On Premiums

A word of note here is that the premium you pay for each may differ greatly. What you will pay for the wedding may be very small compared to what you will pay for a concert. Some reasons for this are given below

Venue Size

A wedding might rent a hall that can fit 50 guests. A concert might rent a stadium that might fit 50,000 “guests. What he stadium managers would be demanding as deposit in case of damage would be different from what the hotel managers would for their hall. Moreover, what the event organizers would pay in terms of damages may also be different for both cases. Hence this would add to the premium

Visitor size

500 guest cannot to be compared to 50,000. The potential for things like injury or any other type of accident to occur in the later would be more than in the former.

Nature of visitors

This may not hold true for all weddings, but guests in a wedding tend to be more subdued as it were especially when you contrast them to ticket buyers to a concert in a venue that can hold 50,000 people. By the time you factor in the fact that it is a rock concert, you can then begin to imagine how that would affect the premium. However, even if it is a music concert organized by the New York Philharmonic to celebrate Bach, the premium would still be higher. One can even argue that it might be higher considering the status and age bracket of intended guests.

Number of things that can go wrong

The list of possible that can happen in wedding i.e. things that can go wrong in the wedding with an expected guest of less than 500 may be lesser than what will happen in a concert with an expected guests of less than 50,000.

Everything above and more will be factored in when determining the premium for the One Day Event Insurance

Special Events Insurance

These are designed to cover events that have a longer duration. Art exhibitions and trade fairs fall under this category. There are more risks involved with such although it will still be tied to factors like what we just looked at above. An art exhibition cannot be compared to a trade fair yet each has to be looked at on their individual merits.

Special Event Insurance works well for the event organizers because it covers them as well as help boost their brand.

Event insurance is a form of insurance that is designed to meet the peculiar needs of a sector of the economy. It is still evolving and more insurance products are being created to meet with this evolution.

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