Canada Day means big business for event insurance companies
Published: June 30, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Canada is in party mood as the country celebrates 150 years since the start of the Confederation on Saturday. The long weekend this Canada Day will also have a benefit for companies that sell event insurance.
Across the country, thousands of events will be taking place, and while many will go well, there is the chance something may go wrong. The majority of organized events will have some kind of event insurance to protect against cancellation, liability, non-appearance, and more potential issues. Matthew Taylor, general manager of operations at PAL Insurance Brokers told InsuranceBusinessMag that Canada Day can mean big business for insurers:
“Definitely for Canada Day, we’ve seen a ton of requests come through for event cancellation and non-appearance policies,” he said. “If the host of the event has a lot of costs and expenses they put out and there’s a freak storm that comes through and they have to cancel the event, then the policy would respond.”
While many benefits of event insurance protect against outside sources, there is also liability coverage for negligent owners:
“Negligence falls on the event host when they’ve overserved or they have too much alcohol within their function,” Taylor said. “They should definitely go out of their way to take the measures necessary to prevent people from drinking and driving such as taxis or limit the drinks per person.”
“We’ve seen everything from small street parties, community parties, all the way up to weekend festivals – we do a lot of Canada Day parades, Canada Day floats,” Taylor concluded.