Insuring Events In Hong Kong

With Clockenflap returning in November, The AIA Carnival opening on December 18^th, and the world’s biggest Bouncy House festival happening at the end of the year, there is a lot going on in Hong Kong over the coming months. Right now, event organizers and producers across the city are preparing for what some people affectionately refer to as “silly season” - that part of the year where it seems there is constantly some activity or function taking place.

From weddings to networking activities, and even exhibitions at the Asia World Expo and Hong Kong Convention and Exhibition Centre, a lot of work will go into the planning and production of any of the events being held over the next 3 to 4 months. Unfortunately, despite all the best laid plans, things can still go wrong – and without adequate support even the most prepared event organizer can get caught unaware by the unexpected.

Thankfully, Event Insurance is here to help.

What is Event Insurance?

Event Insurance is the name given to the type of policy which bundles separate insurance protections for the sole intention of covering the risks associated with events. There are no “one size fits all” solutions when it comes to event insurance because each policy is built and tailored for the specific event or production company that it will be covering.

This makes Event Insurance an extremely personalized type of insurance as you, as the policyholder, are in absolute control to select and protect against the risks that you are concerned about. Whether the venue you are renting has required Third Party Liability Insurance in order for the function to be held, or you are worried about the accidental destruction of photographic materials after your event, it is possible to build the perfect Event Insurance policy no matter what type of event you may be hosting.

What Does Event Insurance Cover?

As previously indicated, event insurance is tailored to the needs of your specific event. For example, if you are insuring a wedding then you may be considering insuring the wedding dress against accidental theft, damage, or destruction. This type of cover would not be appropriate for an organizer arranging a concert, or someone holding a sports tournament.

When building an event insurance plan some of the common options for coverage include:

• Event Cancellation or Postponement Insurance
• Weather Cancellation Insurance
• Non-Appearance of Key Persons Insurance
• Facilities, Sets, and Furniture Insurance
• Equipment Insurance
• Additional Production Costs Insurance
• Exhibitor Stall Insurance
• Forced Loss of Audience Insurance
• Video and Photo Insurance
• Production Office Contents Insurance
• Musical Instruments Insurance
• Wedding Dress Insurance
• Wedding Gifts Insurance
• Public Liability Insurance

By selecting coverage benefits appropriate for your type of event, and then including those in your event insurance policy, you are able to insulate yourself from, and mitigate against many of the common risks encountered in holding an event in Hong Kong.

For many types of events, the only type of required insurance is going to be public liability protection – this is usually a requirement of venues renting space to 3^rd parties, and is true if your event is taking place at a facility owned by the Leisure and Cultural Services Department. This can lead organizers to purchase only the mandatory insurance coverage – which can mean financial exposure should any untoward situations develop.

What Events Need Event Insurance?

Any event should consider Event Insurance.

No matter if you are holding a concert, festival, or music recital, a comedy show, a sports tournament, a networking function, a wedding, or a commercial exhibition, there is an event insurance plan which can be built and tailored to your specific needs as an organizer.

For example, what would happen if the headlining band at your 3-day music festival didn’t show up because they got sick? Or what would happen if a typhoon signal 8 was raised on the day of your outdoor wedding at the Hong Kong Country Club? Or what would you do if all your samples were stolen out of your stall at an Exhibition at the HKCEC? All of these are very real risks that event organizers can encounter, and which can put exceptional financial strain on a company or family as they attempt to recover pre-paid expenses or settle liability claims in the face of a crisis.

Common events covered under this type of insurance include:

• Charity Events
• Concerts And Comedy Shows
• Weddings
• Corporate Functions and Networking Events
• Fairs and Exhibitions
• Sports Tournaments and Demonstrations

No matter what type of event you are organizing, considering some form of extended event insurance protection beyond public liability insurance coverage is highly recommended. Even if you are only holding a networking function at a bar there is a risk of something going wrong – a participant could have too much to drink and knock over a light fixture, causing a fire for which you are now responsible. There is no end to the possible scenarios in which something can go wrong during any type of event, and consequently all event organizers should consider event insurance when holding their next function.

Purchasing Event Insurance

Obtaining Event Insurance in Hong Kong is actually quite straight forward – simply contact CCW Global to speak with a broker who will help you to build the best possible policy for the event you are insuring. Once you have selected your coverage benefits, complete an application for the insurance company, pay your premium, and receive insurance coverage for your event.

In terms of the cost which you can expect to pay for event insurance, this will be calculated based on a number of factors including:

1. Type of event
2. Location of event
3. Duration of event
4. Coverage selected

In general terms, choosing to purchase an event insurance policy with comprehensive coverage benefits will cost more than choosing to obtain straight Public Liability insurance protection. It is important that you are able to manage both your budget and coverage needs to assemble the insurance solution that works.

Free Event Insurance Advice

If you are organizing an event in Hong Kong, or elsewhere around the world, and would like to obtain insurance coverage, please Contact CCW Global today to speak with an expert broker. 

Our independent advisors can walk you through all your coverage options and work with key members of your production team to identify risks and ensure that you have the protection you need.

Ask CCW Global about your event insurance today. Swift, simple, sorted.