The current event event planning industry has seen spectacular growth, enthusiastically supported by the service industry and merging in some places with that of tourism. Effectively using the new social media to increase connectivity and promotion, the events sector mobilizes large masses of people. Whether it's business events and conferences, or large leisure events such as festivals, concerts or sports competitions, cancellation insurance is no longer a luxury, but an indisputable necessity.
To support this spectacular industry, event organisers are raising significant budgets, sometimes relying exclusively on revenue generated on the day of deployment both to
cover expenses as well as to ensure their profit. Initial expenses usually include various types
of taxes, rental of concert halls or stadiums, stage production, security and marketing.
In case of event cancellation, the organiser could end up in a difficult situation, unable to recover any of these
costs. The the event cancellation insurance provides financial protection for
incidents that cannot be controlled.
Through its external partners, specialised companies and with a reputation for excellence, Obsidian Broker offers insurance products to cover the risk of cancellation of events organised by its clients due to a multitude of risks. Among the insured risks we mention the attributable cancellation to
the protagonist - the artist, athlete or speaker around whom the event was built; cancellation following the occurrence of natural disasters, such as an earthquake, which could cause significant damage to a stadium, making it impossible for any event to take place or flooding in an urban area could lead to the blocking of all forms of transport, which leaves the organiser with no choice but to cancel or postpone an event.
Other types of clauses may take on the risks of unforeseen incidents that could result in additional budgets for a promoter. The organiser may have to endure additional costs, such as the installation of a floor on an affected plot by flooding, so that the safety of the participants can be ensured. With an active insurance policy, the organiser can act quickly, knowing that any additional expenses necessary to ensure the success of an event can be recovered. Instead of canceling an event, the profitable solution may be to try to mitigate the risk that threatens it.
