THURSDAY, JANUARY 19, 2023
Higher education institutions are often involved in hosting large gatherings and special events. While these occasions can be exciting, memorable and rewarding, they may also include significant risks and exposures. Planning, organizing and hosting these events requires substantial time and financial resources. With that in mind, colleges and universities should be familiar with special event insurance.
What Is Special Event Insurance? 
As its name suggests, special event insurance provides financial protection for your school’s events. These policies can help insulate you from losses and damages arising from common incidents that may affect your plans or occur at your event. Special event insurance can be acquired for many occasions, including the following:
- Ceremonies (e.g., graduation)
- Sporting events
- Reunions
- Award presentations
- Parties
- Festivals
- Banquets
What Does Special Event Insurance Cover?
Although there may be more fun parts of planning an occasion, assessing and addressing potential issues is an essential part of preparing for your special event. When considering your insurance options, it’s generally advisable to ensure your policy includes coverage for the following:
- Bodily injury—If a guest or other third party at your event is injured, your insurance can help pay for resulting medical costs, lost income and legal expenses.
- Property damage—This coverage can help pay to repair or replace the property of third parties, such as guests or the event’s venue, if losses are accrued during your event.
- Unexpected changes—This coverage may provide financial assistance for rescheduling fees and lost deposits if you are forced to alter or cancel your event.
- Personal property damage—This coverage can help pay for losses and damages involving specific possessions, including formal garments, jewelry, gifts and photographs.
In addition to the aforementioned clauses, your college or university should thoroughly assess potential coverage gaps that may require additional insurance. For example, you should strongly consider acquiring liquor liability insurance if a special event includes serving or consuming alcoholic beverages.
How Much Does Special Event Insurance Cost?
All special events have their unique characteristics and circumstances. Before being able to provide your school with an accurate quote for adequate coverage, insurance companies must consider various factors, including the following:
- Type of event
- Duration of event
- Venue details (e.g., location, size)
- Estimated number of attendees
- Policy details (e.g., types of coverage, policy limits)
Get the Right Coverage
Colleges and universities are responsible for many special events that may mark some of the most significant occasions in the lives of students and their families. However, events may not always go as planned. Accidents, mistakes and even circumstances beyond your control can quickly derail things, and without adequate insurance, you may have to pay for high costs and losses out of pocket.
We’re here to help. At Bene-Marc Inc., our agents have over 40 years of experience serving hundreds of universities, schools and other clients throughout all 50 states. We will use our expertise and experience to ensure that you have optimal insurance for your special event. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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