{"id":17934,"date":"2023-04-26T11:00:07","date_gmt":"2023-04-26T09:00:07","guid":{"rendered":"https:\/\/pibgroupiberia.com\/blog\/event-cancellation-insurance-how-does-it-work\/"},"modified":"2023-04-26T11:00:07","modified_gmt":"2023-04-26T09:00:07","slug":"event-cancellation-insurance-how-does-it-work","status":"publish","type":"post","link":"https:\/\/pibgroupiberia.com\/en\/blog\/event-cancellation-insurance-how-does-it-work\/","title":{"rendered":"Event cancellation insurance: How does it work?"},"content":{"rendered":"<p><strong>When organizing an event<\/strong>, a show, there are many issues to control. No matter how conscientiously these steps are taken, there <strong>are many unforeseen events that can occur<\/strong>. That is why so many <strong>show cancellation insurances<\/strong> are taken out, to avoid a great economic loss in case it happens.  <\/p>\n<h2>How does event cancellation insurance work?<\/h2>\n<p>The purpose of this insurance is to <strong>protect<\/strong> the event organizer <strong>against financial losses<\/strong> in the event of an unforeseen event. This problem should lead to the cancellation, postponement or total abandonment of the event. <\/p>\n<h2>What is covered by the event cancellation insurance?<\/h2>\n<p>As in any policy, a <em>sum insured<\/em> must be specified. This is the maximum capital sum that the company will pay to the insured.<br \/>\nThe expenses that can be indemnified are: <em><strong>\u201ccommitted and non-recoverable expenses\u201d.<\/strong><\/em>. If they were recoverable, there is no point in insuring them.  <\/p>\n<p>We are talking about, among others:<\/p>\n<ul>\n<li>Production costs.<\/li>\n<li>Disbursements such as rents, payroll&#8230;<\/li>\n<li>Advertising and sponsorship.<\/li>\n<li>Expenses to save the event.<\/li>\n<li>Loss of profits generated.<\/li>\n<\/ul>\n<h3><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-29076\" title=\"event cancellation insurance\" src=\"https:\/\/pibgroupiberia.com\/wp-content\/uploads\/2018\/12\/suspension-espectaculos.jpg\" alt=\"event cancellation insurance\" width=\"868\" height=\"488\">How far in advance can the policy be taken out?<\/h3>\n<p>It depends on the companies, some require more or less days in advance. The most usual is 14 days (15-16) before the celebration of the event.<br \/>\nIt is more exceptional, but it is possible to find companies that will cover us <strong>10 days before<\/strong> the show takes place, but this is less and less frequent. That is why we recommend you to be proactive and do it with enough time.  <\/p>\n<p>Of course, it is a prerequisite to have made a transfer to the company. This is known as <em>\u201cpaying the premium\u201d <\/em>to the insurance company. <\/p>\n<h3>How is the insurance contracted?<\/h3>\n<p>Usually companies will require <strong>a questionnaire<\/strong> to be <strong>filled out in<\/strong> order to provide a quotation. The questionnaire gathers the essential data of the event. Among others:  <\/p>\n<ul>\n<li>Dates and location of the event<\/li>\n<li>If it is outdoors or not<\/li>\n<li>Type of event: sporting event, popular festivals, concert or festival&#8230;<\/li>\n<li>Coverage required<\/li>\n<li>Amounts to be insured<\/li>\n<\/ul>\n<p>With this, we are ready to prepare the <strong>estimate<\/strong>, and once the client agrees, we proceed with the transfer of the amount of the premium, in order to issue the insurance.<\/p>\n<h2>Types of events and shows that can be insured<\/h2>\n<p>There are <strong>many types of events<\/strong> for which cancellation insurance can be taken out: <\/p>\n<ol>\n<li><strong>Weddings:<\/strong> it has been fashionable for some time now.<\/li>\n<li><strong>Popular festivities:<\/strong> since the cost of orchestras and singers is very high.<\/li>\n<li><strong>Concerts and music festivals.<\/strong><\/li>\n<li><strong>Sporting events.<\/strong><\/li>\n<li><strong>Congresses or conferences.<\/strong><\/li>\n<li><strong>Cotillions and parties.<\/strong><\/li>\n<\/ol>\n<p>For any event in which there is a significant outlay as well as a significant profit expectation, it is possible to take out a policy that meets those needs. They range from large budgets to being able to insure even a \u201ccotillion\u201d or a wedding, as we can see. <\/p>\n<h2><img decoding=\"async\" class=\"aligncenter wp-image-29075\" title=\"event cancellation insurance\" src=\"https:\/\/pibgroupiberia.com\/wp-content\/uploads\/2018\/12\/cancelacion-eventos.jpg\" alt=\"event cancellation insurance\" width=\"867\" height=\"577\"><\/h2>\n<h2>Event cancellation insurance coverages<\/h2>\n<p>There are several coverages that can be underwritten through these policies. Rather, there are several causes that can activate the coverage: <\/p>\n<ul>\n<li><strong>Force majeure<\/strong>: this guarantee covers multiple possibilities. In any case, what is very important is that the event that generates it must be beyond the control of the Insured Party. <\/li>\n<li><strong>Non-appearance<\/strong> or unavailability of persons: it is understood that key figures who are indispensable for the development of the activity (artist, sound manager, as examples).<\/li>\n<li><strong>Adverse weather<\/strong>: when the event cannot take place due to weather conditions.<\/li>\n<\/ul>\n<p><strong>It is not necessary to subscribe to all of<\/strong> these coverages. It is possible that due to the type of event in an enclosed location, weather coverage is not essential. <\/p>\n<h2>What are the actions to be taken in the event of a claim?<\/h2>\n<p>When we talk about the cancellation of an event, the proof of what happens, of what motivates the suspension, is fundamental.<br \/>\nCompanies are very clear in their insurance conditions: photos, written reports, notification as soon as possible.<\/p>\n<p><strong>Depending on the case, different tests are required<\/strong>. For example:<\/p>\n<ol>\n<li><strong>For climatology:<\/strong> certificate from Meteorological Institutes<\/li>\n<li><strong>Non-appearance of the artist due to illness:<\/strong> medical report must be available.<\/li>\n<\/ol>\n<p>It is also possible that the Guardia Civil or personnel of the City Council should make a report; or have a photographic report&#8230;<\/p>\n<p>In addition, contracts must be presented showing the expenses with sponsors or with production, showing the expenses that are not recoverable, and must be compensated.<\/p>\n<p>It is very important to have a fluid communication with the company, which can help us to make decisions.<\/p>\n<p><a href=\"https:\/\/pibgroupiberia.com\/contacto\"><img decoding=\"async\" class=\"aligncenter wp-image-31045 size-full\" src=\"https:\/\/pibgroupiberia.com\/wp-content\/uploads\/2016\/05\/BANNER-A.gif\" alt=\"Contact with us\" width=\"500\" height=\"100\"><\/a><\/p>\n<p>If you want a <strong>policy with a good price and guarantees<\/strong>, contact us. From <a href=\"\/\"><strong>PIB Group Iberia<\/strong><\/a> we have <strong>experience in insuring events<\/strong>, and we will help you in all those moments. <\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>We see the coverage of the cancellation insurance, insurable items, maximum contracting time&#8230;  <\/p>\n","protected":false},"author":14,"featured_media":13858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[90],"tags":[388],"class_list":["post-17934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies","tag-cancellation-events"],"yasr_visitor_votes":{"stars_attributes":{"read_only":false,"span_bottom":false},"number_of_votes":0,"sum_votes":0},"_links":{"self":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/posts\/17934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/comments?post=17934"}],"version-history":[{"count":0,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/posts\/17934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/media\/13858"}],"wp:attachment":[{"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/media?parent=17934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/categories?post=17934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pibgroupiberia.com\/en\/wp-json\/wp\/v2\/tags?post=17934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}