Protect Your Weddings with Event Insurance
By now, most wedding and event professionals have heard the buzz regarding event insurance. Sure, you know it exists, but do you really know exactly what event insurance covers, and how it can benefit your clients (and you)? Event insurance is a necessity for event planners looking to keep themselves, and their clients, protected.
Event Liability Insurance
Event liability protects your client if someone causes property damage to the venue or someone is injured at their event (the host/honoree must be liable). The coverage is typically primary over any other insurance protection, which means if a covered claim occurs at your client’s event, the client’s one-day event liability insurance policy will pay first—before any other insurance policy. Primary liability coverage by event hosts, such as your clients, is preferred by most venues, because it helps minimize the associated risks and exposures of owning a venue. Many require it.
Additional Event Liability Coverage Benefits:
- Limits vary by insurance carrier, but bodily injury and property damage liability limits typically are up to $1 million per occurrence and $2 million total.
- The venue can be named as “additional insured” on the certificate of insurance for no extra cost.
- Host liquor liability is included for free.
- Set-up and tear-down is covered (within 24 hours of the event).
- Protection and peace of mind for a low cost—policies start as low as $75.
- Markel’s liability is primary over any other insurance policy. This means, if a claim were to occur, Markel’s policy would pay out before any other insurance policy and there would be no need to worry about a potential increase in rates with a commercial business policy (as an event planner) or homeowners policy (as a bride or groom).
Event Liability Premium
The pricing for an event liability policy is very straight forward. The premium is based on the liability limit chosen and if alcohol is served at the event or not.
| Total Liability Limit | Without Host Liquor Liability | With Host Liquor Liability |
| $500,000 | $75 | $150 |
| $1 million | $100 | $175 |
| $2 million | $160 | $235 |
*Rates are subject to change. Rates shown are for all states except FL.
Event Cancellation Insurance
As an event professional, you’ve seen it all. Photographers go missing the day of the event, gifts get stolen, and hurricanes can ruin a perfectly planned event. Event cancellation insurance is becoming increasingly popular, because it reimburses the event host for lost deposits and non-refundable amounts if they need to cancel or postpone their special event due to unforeseen circumstances.
Examples of unforeseen circumstances include:
- Vendor bankruptcy
- Accident or illness of the bride or groom or an immediate family member
- Extreme weather (hurricane, named tropical storm, etc.)
- Military deployment
Event cancellation insurance also covers additional expenses your client may incur to avoid canceling their event and pays for other losses or damages such as:
- Lost wedding rings
- Damage to special attire
- Vendor no-shows
- Lost or damaged photography
- Lost or damaged videography
- Lost or damaged gifts
The pricing for an event cancellation policy is a little more involved as it is based on where the wedding is set to occur and the overall wedding budget.
Exactly how much event cancellation coverage would your client need? Look a look at the chart below that outlines coverage limits based on the total overall event budget.
| Total Event Budget | |||||
| $7,500 | $15,000 | $25,000 | $50,000 | $100,000 | |
| Loss of deposits | $1,000 | $1,500 | $2,000 | $3,000 | $5,500 |
| Photography & videography | $1,000 | $1,500 | $2,000 | $3,000 | $5,500 |
| Special attire & jewelry | $1,000 | $1,500 | $2,000 | $3,000 | $5,500 |
| Wedding gifts | $1,000 | $1,500 | $2,000 | $3,000 | $5,500 |
| Extra expenses | $1,875 | $3,750 | $6,250 | $12,500 | $25,000 |
| Professional counseling | $500 | $650 | $750 | $1,000 | $1,250 |
Request free brochures and provide your clients with an easy & affordable option to protect their special event. Visit Markel’s Event Insurance Website for Event Planners to learn more!
*This is a sponsored post from Markel Insurance.
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