Worst winter since the 1960s puts a spotlight on event cancellation cover
The arctic weather that has gripped the nation over the past couple of weeks has led to a rise in claims for the cancellation of trade fairs and conferences, says specialist event insurer Hiscox.
As many as 1 in 10* people may have missed work last week, as much of Britain was blanketed in thick snow with temperatures plunging as low as –22° C in some areas. Early estimates have put the cost to the UK economy at up to £690 million a day** and the weather has wreaked havoc on event organisers’ best-laid plans, causing empty exhibition halls and deserted conference centres.
Among recent claims Hiscox has seen are trade fairs and seminars that had to be cancelled because so few exhibitors and delegates could make it, with roads blocked and trains cancelled. The trouble also extends to private events, including a 40th birthday party, which had to be cancelled after months of planning.
“Who would have predicted we’d have the worst winter since perhaps the 1960s? When the unexpected occurs, like this cold snap, the only ray of sunshine for event organisers can be the peace of mind of cancellation insurance,” says Ed Pugh, events insurance expert at Hiscox.
Event cancellation cover is not just for when events are called off. Curtailment cover can also protect organisers for the financial losses they may face if the event is forced to go ahead in a limited format. For example, transit delays could prevent some exhibitors’ stands from being delivered on time, or travel chaos can significantly reduce the amount of delegates that are able to attend a conference.
A good tip is to buy event insurance as early as possible, says Pugh. “You can get a policy as soon as you’ve started paying for your event. Buying early will cover you for a longer period of time, often at a lower cost than insuring closer to the event date. And if you wait too long to buy your insurance, you may not get all the protection you want. You may not get cover for adverse weather, for example, if forecasters are already predicting it.”
*Federation of Small Businesses, BBC News, 8th January 2010
**According to RSA http://www.rsagroup.com/rsa/pages/home
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