The event was the COMDEX convention at the Georgia World Congress Center in Atlanta instead. COMDEX, the annual global IT convention, with the latest computers, electronics and gadgets. This was the largest conference in Atlanta held each year. 200,000 people would attend the convention over four days.
Two days before the meeting opened, a Category 3 hurricane hit downtown Atlanta. The twister tore the roof of 100,000 square meters from the ConventionCenter and dumped into hundreds of thousands of gallons of rainwater. Local news images showed a large staircase cascades like a waterfall.
COMDEX has been canceled. The financial losses for the event planners fairly boggle the mind .*
What happens if the show can not go? The consequences - especially for a company staking a lot of money on a marketing event or for a group that can gain most of the revenue from an annual conference - dire. A safety net is onCancellation insurance that can protect your event investment against disasters, strikes, earthquakes and snowstorms.
Event cancellation insurance has been around for decades and has a long history of protecting the special events from conventions, trade shows, exhibitions, entertainment and sports.
The insured may be expenses incurred throughout the year long preparation for an event, but can not make for an unpredictable event, to lead his dismissal. Think of the cost ofTravel, venue deposits, debt restructuring costs and other costs, including planning.
Often the kind of problems that lead a postponement, cancellation or relocation of any event beyond the control of the planner. Look to event cancellation insurance for the type of coverage necessary to protect the financial burden.
Whether planners should invest in travel insurance depends on how important an event is an association or company financially and what kind of riskassume it is. If your group event for 50 people is planned, you probably would not buy this policy. But if 500 or 5,000 people were expected, was able to cancellation insurance is critical to your bottom line.
Sometimes do not event-planners think about it, event cancellation insurance. They are either unaware that such coverage exists or mistakenly rely on the insurance of the venue ... as a conference hall. The venue of the insurance will help them to rebuild or repair. But it is notHelp in the search for a city planner or other compensation for the costs they incur, or they will lose income from the cancellation.
Coverage and cost
The rule of thumb is that the cancellation insurance risks beyond the control of planners, such as storms, strikes, outbreaks of diseases and so forth concerns. You can also buy coverage for Non-Appearance ", in case your event is based on the appearance of a person or group (speakers, artists, players, invitedGuest). The policy covers additional costs for things like trucks and workers in the event of an exhibitor not break his exhibits. What is not insured are lack of planning, low participation in a lack of interest or poor marketing, or bankruptcy of the planner.
Coverage begins when the premium is paid and is usually spread over five days after the event. Coverage purchased long before an event can be a godsend, if anything happens to the facility in which you are booked, as theReporting would cover costs of relocation and notifying participants.
The cost of this coverage, calculated based on a policy-by-policy basis. Every event is different and each has a unique risk. The standard cost for this coverage run about fifty cents per $ 100 of coverage. However, variables such as location (areas susceptible to hurricane or earthquake) or season (winter is higher) than in spring, summer or fall can push the price up to $ 1 per 100 of cover. So, a $ 1 million policycould cost up to 10,000 euros or more.
When To Buy
Event cancellation insurance is purchased generally less expensive, if long in advance. Insurers to increase the premium rate, the theory that the closer the event is, the more desperate must be the planner for the coverage.
We recommend that you get at least two quotes before making a purchasing decision. We recommend that you see a copy of a review of the policy before you buy, what is covered and whatexcluded.
Then have a super successful event!
* This disaster was invented entirely free.
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