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12 February 2020

What Is Event Insurance and Why Is It so Important?

The events and activations industry in India, which was at Rs. 5,631 Crore in 2016-17, has been growing at 16% CAGR. Financial experts estimate that by 2020-21 the market size of this industry will range around Rs. 10,000 Crore. These data reflect not just the high number of events being organized in the country, but it also illustrates the rise in the number of such events over the years. Resultantly, event organization and its insurance have become crucial.

What is event insurance?

With commercialization and involvement of high finances in events, financial institutions have begun offering event insurance policies to provide financial protection in case an event is hampered by unforeseen circumstances.

Usually, these policies cover different types of events ranging from musical concerts to wedding ceremonies, et al. The importance of these event insurance policies is well illustrated by the features which are being offered by them.

Features and importance

Events usually involve huge financial commitments. Additionally, it requires extensive emotional investment along with effort at setting up the whole program.

If an event is interrupted by unforeseen circumstances, an event insurance policy offers financial coverage to compensate for such losses. The features and their importance are enumerated below –
High coverage sum
Be it a movie screening, a play, or a wedding; the financial investment of organizers can be substantial. In case of cancellation, chances of financial loss suffered by the organizers are high. Customers availing these insurance policies can claim up to Rs. 3 Lakh under such circumstances.

For wedding events, customers can also consider insuring their wedding dress since these can be extremely costly as well as very sensitive to damage.

Insurance aggregators like Bajaj Finserv offer Wedding Dress Insurance policy to safeguard your wedding dress financially.
Special coverage
The demise of specific dignitaries can lead to government-directed cessation of all activities. Any event canceled under such circumstances is covered by these policies. Essentially, these covers offer Rs. 2.5 Lakh for the first day of the cancellation of such an event. In case the cancellation continues to a second day, insurance aggregators provide additional coverage of Rs. 50,000.
Protection against different risks:

Different incidents like breaking out of fire or damage of location are covered under event and wedding event insurance policies. Along with the above-mentioned mishaps, other incidents can also prevent an event from being organized. In such cases, insurance aggregators offer the cover sum of money as reimbursement.

Protection of equipment:

Equipment damage due to unforeseen circumstances can seriously hamper an event. In case some equipment is damaged or stolen, insurance aggregators offer up to Rs. 2 Lakh in compensation.

While an event insurance plan covers all equipment involved, customers can also avail of specific plans like Musical Instrument Insurance policy for their instruments. It ensures financial coverage for damages to musical instruments for incidents unrelated to events. You should also check out the Covid Insurance from Bajaj Finserv.

Easy application and claim:

Events organized all of a sudden also fall under these policies. Easy application procedure allows customers to buy event insurance promptly. Additionally, customers can claim the policies easily by reaching out to the toll-free number or email of the insurance aggregator.

While it is not possible to protect an event against cancellation, these policies offer comprehensive financial coverage if it gets canceled. Along with general event insurance plans, the wedding insurance policy in India is also a crucial financial product. The high investment in such events can be extremely damaging in case of delay or postponement. Customers should explore the details of these policies and check the cover amounts offered before buying them.

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