Addressing Event Cancellation Risk
The cancellation, postponement or interruption of an event can have serious financial consequences for its organizer, including non-recoverable costs already incurred, additional costs to keep the event running and loss of expected profits.
Descartes Insurance protects event organizers’ budgets by covering financial losses caused by external factors, from the planning stage through to the end of the event in accordance with the terms of the insurance policy.
Available through brokers, our cover offers capacity of up to €10 million per policy.
What Events Are Covered?
We cover a wide range of event types, both indoor and outdoor:
- Live shows: concerts, theater, opera, variety shows
- Sporting events: major tournaments, marathons, indoor/outdoor competitions
- Conventions, trade fairs and seminars
- Audiovisual productions: film shootings, TV productions, advertising campaigns, fashion shows
Who Should Consider This?
Event organizers, producers, broadcasters, public entities, and any party financially exposed to the cancellation of an event may be eligible for this coverage.
Situations Triggering Coverage Activation
Subject to the coverages subscribed and contract terms
✓ Unavailability of the venue or critical equipment necessary to hold the event
✓ The revocation of an administrative authorization following a triggering event covered by the contract, depending on the reason for the revocation
✓ Occurrence of insured weather events, including rain, hail, extreme heat, wildfires, heavy snow, or lightning strikes
✓ Unavailability of a designated key individual named in the policy
✓ Occurrence of terrorism, civil disturbances, or rioting
✓ Any other external cause listed in the police report under “All Risks Except”
This is a sample list. The complete terms and conditions are set forth in the general and specific terms and conditions of the contract.
Examples
- An outdoor festival organizer commits to significant expenses several months in advance, including site rental, artist fees and logistics. If a covered weather event, such as extreme heat or the threat of wildfire, forces the event to be canceled, the organizer may lose these non-recoverable costs as well as the profits they expected to make. Event cancellation insurance covers the financial losses set out in the policy.
- The day before a trade show, a transport strike disrupts the delivery of essential equipment. To open on time, the organizer arranges urgent transport and hires replacement equipment. The additional expenses cover may help reimburse these unexpected costs incurred to keep the event on track, subject to the terms of the policy.
Why Choose Descartes Insurance
- Climate Expertise: Climate risk stands at the core of Descartes’ DNA. Our teams harness their expertise in climatology and risk modeling to evaluate potential hazards affecting your event, including extreme heat, wildfires, and severe weather.
- Customized Pricing: Pricing grounded in a thorough assessment of your event’s risk profile, financial exposure, and specific requirements.
- Custom-Built Policies: Working closely with brokers, we develop coverage solutions aligned with your risk profile, financial parameters, and event characteristics, safeguarding both outlaid costs and expected returns.
- Dedicated Support: Access to a specialized team in special risks insurance throughout the underwriting and execution phases of your event.
- Swift Claims Handling: Expert assessment and rapid processing of claims to ensure timely settlement.
FAQ
What is Descartes Insurance's Event Cancellation Insurance?
It is a solution that covers financial losses resulting from the cancellation, postponement or interruption of an event.
What types of events are covered?
The offering covers live shows, sporting events, conventions or fairs, and audiovisual productions, both indoor and outdoor.
What coverage capacity is available?
Descartes Insurance offers cover of up to €10 million per event.
In which markets is this offering available?
Our solution is available to clients established in European Economic Area (EEA) countries where the insurer Descartes Insurance is authorized to operate. Events may be held anywhere in the world, subject to the terms of the policy.
Why choose Descartes Insurance for Event Cancellation Insurance?
We combine climate expertise and risk analysis to tailor pricing and coverage to each event, working closely with brokers. Our specialist team supports you from placement through to the event itself and provides responsive claims handling.
Contact Us
Whether you're quoting a complex risk, looking to break into new markets, or just curious about parametric insurance, our team is here to help you win. Reach out and we will get back to you within 48 hours.
