The 10 Million GBP Event Liability Insurance Challenge
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The 10 Million GBP Event Liability Insurance Challenge
Public Liability Insurance, also known as 3rd Party Liability Insurance and "General Liability insurance" protects the policyholder against claims from a 3rd party for injury or damage sustained as a result of the policyholders negligence.
In recent months I have noticed an increased demand for Public Liability limits of £10,000,000 (10million).
The increased demand is mostly from Event Organisers and Exhibitors ("The Exhibition Chain as I call it) who have simply been instructed by the Event Venue to hold this limit. It is a contractual requirement.
The Chain quite rightly question the Venues on why they now need to increase their limits (and spend more money) despite their perceived risk of causing injury or damage has not increased. Venues often have no reply and simply refer to the contract conditions.
The reason that Venues are putting pressure on The Chain to hold a higher Public Liability Limit is due to the following reasons:
1) As a Venue Owner/Operator serving many thousands of visitors they have a substantial and aggregated risk i.e. there is potential for large scale injury and damage claims. Hence they take a higher limit of insurance - understandable
2) A Venues management team will want to avoid and minimise perceived risks. By demanding that all parties maintain the same level of cover as they do; helps prevent a shortfall in a damages claims coming back to bite them.
3) Many Insurance contracts, including those for Venues and Organisers require that all Exhibitors and Suppliers hold the same limit of indemnity as they do or the Insurance company will simply not pay the claim. This is perhaps the most important reason of them all but is the one that is overlooked most often by Venues and Organisers. It is the most important thing to consider as just because the Insurance company will not pay the claim, it does not mean that the claim has gone away! (an uninsured claim has arisen!)
In response to these demands two things are happening. The first is that The Chain is having to amend their cover and stomach the increased cost of Insurance.
The second is that nothing is happening - Exhibitors, Organisers and Venues turn a blind eye and hope their current limits and insurance certificates will be sufficient to get them through the Event.
This brings me back to point 3. If an accident occurs at the Event and someone is injured or property is damaged, an Insurance company may simply walk away from the claim because of a breach of the Insuance Contract i.e. not checking that all Organisers/Exhibitors have the same limit as the Venue etc.
So needless to say it is important that evidence of insurance is checked by all parties.
To make things more complicated however is that simply seeing a "certificate" may not be sufficient either. Many Exhibitors and Organisers will buy Insurance from a non specialist broker/agent that does not adequately extend to cover Liability at Event Venues. Again, the consequence will not be the claim not getting paid, it will just be that an Insurance company will not pay it!
A specialist event industry broker understands the risks to Venues, Organisers and Exhibitors so can arrange the appropriate policies. Work with a broker that provides an "advised sale" and you can rely on their expertise.
Public Liability at 10m is freely available and does not cost the earth, you just need to know where to find it.
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