FEATURES
SECTOR FOCUS: SPECIAL EVENTS
EVENTS AND THEIR EXPOSURES Events at risk Concerts and Weddings Parades Graduations Charity events Social gatherings Exposures that need to be considered Volunteers Number of guests/attendees High-value equipment/items Use of fireworks Use of motor vehicles Food and liquor safety
promoter has had six months to plan and prepare,” Paxton says. “That makes it difficult for underwriters to gather enough information to come up with an adequate rate and provide the right coverage.” On the other hand, the adoption of online platforms that allow individuals to purchase special events coverage is growing rapidly. These policies allow individuals to ‘self-cover’ for small events with limited exposures, such as a family reunion, a meeting or an art display.
Join the party Various types of special events are held yearround in every city, county and town in the country, which means most brokers have the ability or connections to write this type of business. As well as the bigger, high-profile events, gatherings like seminars, auctions, pageants, religious assemblies and banquets should all hold a special events policy.
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“Anytime, anywhere there is a special event, a broker could be profiting” Stephanie Waldron, K&K Insurance Group “Anytime, anywhere there is a special event, a broker could be profiting,” Waldron says. “Our special events program covers all sorts of meetings and gatherings and includes a whole subset for political events and political campaigns. Coverage can be provided to a presidential candidate as they go from city to city campaigning, but that policy can also be tailored to a local mayoral or governor race.” Waldron urges brokers who have overlooked the special events space to reconsider their approach. The sheer number of events that take place every day makes the sector a sustainable option for brokers looking to expand their current book of business or for beginners attempting to grow a completely new one. “There are events everywhere, and the commission levels are very competitive for brokers,” she says.
Proactive brokers can start by educating their current client base about their special events requirements. Many business-owning clients are unaware that, when they put on events off-site and employ special staff to do so, they may be required to buy a special events policy. Taking the time to research the different carriers who operate in the space – and the products they offer – is another sensible move. “When you work with an insurer who’s been writing in the space for a long time, they understand the risk and can give brokers the tools that will help them sell the business,” Waldron says. “Partnering with a claims department with experience providing loss-control services and coverage related to special events both big and small is very important.”
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