A survey on risk, carried out by the International Special Events Society (ISES) and specialist insurance provider HCC Specialty (HCC) has found that failure of vendors and sub-contractors top the list of concerns by event professionals when choosing insurance.
The largest number (47.4 percent) of individuals surveyed said that they think the failure of vendors and sub-contractors turning up are their biggest concern when holding an event, when given a choice of four key options.
In addition whilst over a third of those surveyed (37.1 percent) said that weather was their second greatest concern at their events, only 15 percent actually admitted to taking out cover specifically for that eventuality.
Sean Curtin, senior vice president of Contingency and Commercial Package at HCC Specialty, commented, “We were interested to learn what the ISES constituency thought about the needs and application of insurance in their business and overriding concerns. What we learned is that protecting the members and their clients with customized coverages is of the highest priority, with an emphasis on liability insurance. In addition, we learned that there is a need for lesser known coverages, such as weather and promotional insurance leading us to believe there is a lack of knowledge and understanding of these niche insurance products. We hope to offer value to the group applying this information through educational opportunities whenever possible.”
The survey was conducted within the ISES membership of over 5,000 event professionals internationally. HCC Specialty, an international insurance provider to the event, entertainment, travel and hospitality sector, is working with ISES as part of its Global Partner Program to find out key trends in the event insurance market.
Kevin White CSEP, international president of ISES commented, “This survey, jointly conducted by our Global Partner HCC Specialty and ISES, was designed to look at our members’ preferences when it comes to event insurance along with the growing trends in the marketplace. The results have been very interesting and will help us both to provide better support and guidance for our members as well as shaping how event insurance develops in the future.”
Other key trends found in the survey were the importance of specialized industry cover with 70 percent choosing it, followed by price, the speed and convenience of claims with the least important being automation to streamline the quote/bid process.