Thoughts from people that quote, file, and issue the policies.

The hypothetical views from the following professionals on a Special Event Insurance Policy.

Insurance Broker

  1. 4 hours on average to complete sale and process paper work.
  2. Minimal premium with a low commission averaging 10% of $300.00 = $30.00
  3. Hopes that endorsement on Home policy will be accepted, but knows that it won't be.
  4. This is the least profitable line of coverage this office sells insurance for.

Nonprofit Cultural Center

  1. Tenant often ignores requirement of insurance.
  2. Tenant scrambles to obtain insurance and often past the deadline.
  3. Tenants often frustrated with Cultural Center, because endorsement on Home policy is not accepted.
  4. Many certificates of insurance, from many different people, make familiarity difficult.

Insurance Company

  1. Excellent loss history for this line of business.
  2. As a Company we should get more insurance brokers to sell event insurance.
  3. Why don't these insurance brokers sell more of these.

Event Holder

  1. The Cultural Center says they informed us of insurance requirements, but we never knew of that till the deadline.
  2. Broker should add this to our home policy.
  3. If home policy company doesn't decline to endorse, the Cultural Center will decline to accept the endorsement.
  4. They want to charge $300.00 for 2.5 hours of coverage.
  5. Our budget for the entire fundraiser was $300.00 without factoring insurance cost.
  6. If only there was an online Special Event Insurance product, that was half the price, a quarter of the work, and nobody trying to sell me other insurance that I don't need.

Follow this link, if you would like to obtain your own thoughts on Special Event Insurance.

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