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COVID-19: Does your insurance cover you?


As events across the world have had to be canceled, it has regrettably meant unavoidable financial losses for so many across the event space. Hopefully, you have started thinking about possible alternatives that could soften the blow.

It hardly seems fair, but COVID-19 has taken the rug right out from under us which has had many people looking to insurance to see if they had a safety net to catch them. Here's some useful information we could find across the web, along with expert advice from one of our partners, EventCover's Stuart Hartley. 

Who should I talk to?

If you're anything like me, you do you best to read over any policy or contract that comes your way, but don't always understand or retain everything you read in those complex legal documents. 

If you're unsure if you're covered, Stuart Hartley recommends your first contact should be with someone familiar with insurance and your policy in particular. 

"Our recommendation would be to speak to your insurance intermediary (broker) if you have one or alternatively call your insurer directly. While your insurer cannot necessarily provide any advice, they can advise as to how the policy reacts to the current pandemic," he says. 

Am I covered?

Regretfully, you are probably not

There is a possibility that you are if you purchased a policy that includes a communicable disease clause or you purchased it as an add-on to a standard policy. However, this does seem to be rare. 

Even if you have that clause, you may only be covered if your event was canceled due to the direct impact from, rather than threat or fear of the virus

Stuart says that "of the 400+ events that EventCover has been involved in, there would only be 10-20 events that took out the optional Communicable Disease extension which would have provided cover for an incident of this nature."

You might also ask about your business interruption policy if you have one, to see if there is anything there that could help. But, again, most wouldn't cover something like COVID-19. 

It may also be worth pouring over any contracts that you might have with those involved in running your event, from conference centers to florists, to see what you are or are not liable for. 

How is insurance going to change?

The insurance companies are already being hit hard, and this is likely to have a lasting effect.

"The losses from those events that did have cover will be catastrophic for the insurance industry which will most likely see rates increase and/or Lloyd's syndicates go out of business or no longer offer this type of cover," Stuart explains.

Stuart adds that even once this pandemic has played out, insurers will likely increase cover rates and even no longer offer a communicable disease clause at all. 

His final piece of advice is to "seek advice and discuss with your partners and suppliers as to how to limit those losses. The industry (globally) will come together and no doubt bounce back stronger. However, an incident of this nature will also serve to highlight the requirement to have a robust level of insurance in place for events in the future."

We hope that this will be useful for you, but we would highly recommend speaking to your insurer or broker for advice specific to your event.   

If you'd like to have chat with Stuart Hartley, visit EventCover


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About author
Ben Moore
Ben is a freelance creator who focuses on storytelling and problem-solving. With a background in theatre and specialising in the IT industry, his creative approach lends itself to any challenge. He loves watching, reading and playing stories just as much as he loves creating them.

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