One- Day Event Insurance is a commercial insurance product you may or may not realize is in place when you attend events.

Concerts, fairs, and rodeos, to name a few, all have event insurance coverage. This type of insurance, which can be purchased as an addition to a regular insurance policy, provides you with protection against a variety of undesirable outcomes which might arise in the wake of a large-scale event.

So what exactly is One Day Event Insurance? It’s a specific kind of insurance which covers an individual or company hosting a heavy-exposure event.  By purchasing this one day event liability insurance, the people hosting the event can make sure they’re adequately covered without spending a fortune on premiums they might not need otherwise.

A key component of One Day Insurance is that it covers three main things:

• Property Insurance

This portion of one day event insurance covers losses and/or damages caused to physical property such as vehicles, clothing, equipment, and other items which are in use during the time of the event. It also covers and reimburses the promoter if the event is postponed or canceled due to unforeseen circumstances.

• Casualty Insurance

This particular portion of one day insurance covers losses due to negligence which results in personal injury or death. These losses can include income loss, medical expenses, and funeral expenses if necessary.

• Liability Insurance

This portion protects the promoters from lawsuits, and is one of the key components when choosing insurance coverage. An example of how liability insurance works is fairly straightforward. Imagine a concert venue with 15,000 attendees and something goes wrong. By having One Day Event Insurance, you’re helping cover 15,000 complaints lodged at the event in question.

Please keep in mind that if alcohol is served at your event, you will need an additional provision added to your one-day policy and Liquor Liability would be an additional charge.

When applying for One-Day Event Insurance, one of the main factors taken into consideration for this special coverage is the past history of the applicant. If there are a substantial number of claims by an applicant, the applicant will generally pay a higher premium.

Here at Ramey King, we’d love the opportunity to sit down and discuss your upcoming event. Please reach out to a Commercial Lines Specialist to ensure your event is adequately covered!

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