Event Cancellation in Hong Kong – Insurance Support

In recent months the Events being held in Hong Kong have been the subject of intense scrutiny in local media. From Lionel Messi failing to play during Inter Miami’s exhibition game, to the cancellation of Rod Stewart’s upcoming tour, it seems like increasing numbers of events are facing challenges that have not historically be present – causing a degree of uncertainty when it comes to hosting world class productions in Asia’s world city.

With the background of risk currently facing event producers and organizers in Hong Kong, it is important to understand that there are avenues to mitigate losses if an event does not go ahead as planned.

Event Insurance in Hong Kong

Putting on a world class event takes a lot of effort, and a lot of resources.

Securing the contracts for key talent or performers, obtaining the lease on a performance space, getting vendors in for food, beverage, and merchandise, creating suitable ticketing arrangements, and hiring security, are just some of the steps that must be accomplished for many of the best events in Hong Kong. In many cases, a single weak link in the logistical chain required to manage an event can force the postponement or cancellation of the occasion.

This is risky.

In many cases producers and production companies are using their own finances to host and organize events, finances which are at risk of being lost if the event does not go forward as planned, or if the organizer is held liable for damage and accidents caused as a consequence of the event. Fortunately, Insurance is here to help.

Event insurance is the umbrella term for the insurance coverage designed specifically to address the risks associated with events. From spectator injuries, to the main attraction failing to show up, Event insurance can be tailored to meet your specific needs as an organizer – giving you comprehensive security against any eventuality.

Event Cancellation Insurance

There are many reasons for an event to get cancelled. In Hong Kong it could be something as simple as a Black Rainstorm warning or a Typhoon Signal 8 or higher being raised. If you’re hosting a music concert, if the main singer of the band loses their voice, they likely aren’t going to be able to perform as scheduled. If you comedian’s daughter gets in an accident, the last thing they will be thinking about is going to tell jokes, and you’re going to need to cancel that performance as well.

Event Cancellation Insurance is designed to protect you against this eventuality and comes in two main forms.

Weather Cancellation Insurance

Weather is going to be the most likely reason for an event to be cancelled in Hong Kong. Fortunately, many event insurance solutions come with weather cancellation included as a standard part of the coverage, provided your event is being held indoors.

If you are producing an outdoor event, then this cancellation coverage will need to be purchased as an addition to your standard protection, and will require an additional premium to be paid.

Weather Cancellation Insurance protects you against the loss of all prepaid expenses you may have made for the function, payments you may incur as a result of the cancellation, the return of any entrusted goods or sets, and your profits (if you have chosen to insure them).

If your event is being held outside, then there are additional requirements needed to satisfy the insurance and ensure that your claim is covered. These will typically be specified on the terms and conditions of coverage – so it is important to pay attention to your plan at purchase.

Non-Appearance Cancellation

Rarer than a weather cancellation, but arguably more concerning, is the non-appearance of a key performer or person at your event.

In concerts, for example, the show will not go on without the band or singer.

Non-Appearance Cancellation Insurance ensures that you are protected against the costs associated with an artist, act, or other person critical to the performance of your event who does not appear, or who fails to participate as specified under their contract. For example, in a exhibition football game where a star player, and key draw to sell tickets, is injured and unable to play, this may be coverable under the non-appearance clause of an event insurance plan.

The exact coverage received under this type of protection will vary dependent on the insurance company you choose to purchase your policy from, and in many cases there may be a requirement for a medical exam and additional certifications in order to insure a particular person under your policy. Further to this, opting to obtain Non-appearance insurance for your event will likely result in an additional premium, but will ensure that you do not forfeit all your finances should the show be unable to go on.

Comprehensive Event Protection Insurance in Hong Kong

Aside from cancellations of your event, as previously noted far more can go wrong than having to cancel or postpone.

Charity Events, Sporting Contests, Corporate Conferences, and even Fairs or Exhibitions all carry unique concerns, and independent risks. Wedding Dress coverage is likely not going to be needed at a corporate conference, so understanding what risks are facing your function and planning appropriately is imperative. In many cases, event insurance products are fully customizable to meet the specific needs and requirements of your function.

Starting with Public Liability coverage for the property or venue you will be holding your event at, it is normally possible to build your plan exactly as you want. Common coverage benefits normally available in many Hong Kong event insurance plans include:

• Forced Loss of Audience
• Comprehensive Exhibition and Exhibitor Coverage
• Equipment Insurance
• Facility and Sets coverage
• Additional Costs Protection as additional costs develop
• Photo, Video, and Media protection
• Production Office Contents Insurance
• Personal Accident Insurance Protection
• And Many, Many More!

Understanding how your event might fail, and identifying the likely headaches you will encounter is a great way to start any event insurance journey. No matter what your event may be, insurance can help you to make sure it is pulled off successfully.

Free Hong Kong Insurance Advice

If you would like to learn more about your Event Insurance options in Hong Kong, or you would like to discuss any of the other insurance products offered by CCW Global, please Contact Us today to speak with an expert advisor.

CCW Global is an independent insurance broker working to help individuals and families in Hong Kong find the best possible insurance protection. Our dedicated claims, renewal, and administration teams will assist you at every stage of your policy’s life, and work with you to ensure you are receiving the coverage you deserve.

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