3rd Party Insurance

 3rd Party Insurance

If you use 3rd party providers in putting your event or festival together you need to ensure:

1. They sign a waiver and release holding you harmless for any unexpected losses based on the 3rd parties negligence and

2. They have proper insurance coverage naming you as an additional insured during the dates of the event. Typically, the 3rd party should have coverage with a minimum of $1,000,000 per occurrence. The 3rd party coverage protects you in the event that a lawsuit is brought against you for negligence of the 3rd party. Ensure that the 3rd parties certificate of insurance certified the coverage shown on the date the certificate was issued. Make sure that the 3rd parties insurance has not been cancelled or that the aggregate limits have not been exhausted by prior claims.

Participant Waivers

If possible, you should also consider making sure that each of your festival or event attendees sign a waiver releasing you from any liability. Waivers are always a good idea but are not always 100% full proof in protecting you.

Conclusion

When thinking about your risks, it is always good to consult an attorney. When planning your event or festival, consider your risks and design ways to mitigate your exposures. Properly thought out insurance coupled with waivers by 3rd party vendors and event participants provides you with the most peace of mind and protection.

Legal Disclaimer

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.

E1 Event Insurance is an innovative force in the special event liability insurance market. We have extensive experience within all areas of entertainment insurance and event insurance. We will personally guide you through the perils of both executing a successful, entertaining and purposeful event, while insuring that you and your guests are covered in case of an unexpected event.

Event Insurance

Event Insurance

Most venues today will request that you have a certificate of insurance naming the venue as an "additional insured." The certificate of insurance confirms the effective date of the policy, the type of insurance coverage purchased, and the types and dollar amount of applicable liability. Generally, venues today will look for a certificate of insurance with a $1,000,000 per incident limit and $2,000,000 aggregate limit. Make sure and read your venue contract carefully to ensure that you know your risks. By naming the venue as an additional insured, the venue is confirming that it will be defended by your policy if brought into a suit that relates to the operations being insured.

Detail:
Planning a festival, party or event from start to finish is a huge undertaking. We work with event organizers around the country and they all are a little different.

Planning the perfect festival/event includes thinking about the "what can go wrongs" and how you can best mitigate unexpected accidents and occurrences. Some key questions to consider include:

1. Have you identified the hazards or perils that the venue may present?

2. Have you identified the hazards or perils that the crowd may present?

3. Have you identified the hazards or perils that the 3rd party vendors you may use are covered? Examples of 3rd party vendors who work for you may include security, food and drink servers, etc.

4. Are the risks identified in (1) and (2) and (3) adequately covered?

5. Have you put together comprehensive plans to manage/cover all eventualities including obtaining event insurance to cover all of your exposures?

Legal Environment

Unfortunately, our society has turned very litigious in recent years and personal responsibility has turned into finger pointing and finding someone else to blame. In this environment, it's just not prudent to not obtain peace of mind by guarding against unexpected occurrences or misfortune and obtaining event insurance. Legal liability is not just limited to special occasion permit holders or event planners. Claims and lawsuits have been brought against venues, clubs, wedding organizers, universities, private hosts, and those managing community events.