In today's modern world, the internet is an unbelievable resource when it comes to buying insurance. There are so many comparison sites, which can show who gives the best rates for the best policies all on one page. Charity event insurance is a complex policy to cover and as with any insurance, the cheapest is usually not the best. Although it may be quicker to find 20 insurance quotes in a matter of seconds, choosing one, after reading through the policy cover should be a well thought out process.
To be happy with an insurer, you must first find out and determine whether you are dealing with a broker or the insurer themselves. The explosion of brokers in the last decade or so has seen many companies out to get as many policies sold without fully understanding the ins and outs of charity events insurance. It is good practice to find out their qualifications because just because a company has 30 years experience as insurer does not make them the right choice for you.
Although charities perform benefits for underprivileged or needy sources, terrorism is on the rise and frequently excluded from charity event insurance, or any insurance for that matter. Of course, insurance is meant to cover the extreme and unaccounted for events which happen, but charity events can attract the wrong type of participant and it's worth noting.
Insurers can sometimes refuse to cover abandonment's of an event. Cancellations are covered normally but not if the event has already started. As you can imagine, the insurer needs to protect their own back as event cover, regardless of the company, can be a target for insurance scammers.
If the charity event is raising money, it may be wise to find an insurance company who will insure the profit made. This means, offering a forecast of the potential money made and insuring it not just the expenditure of the event itself. Of course this will command a higher premium but it can also help insure the refunds to any customers, delegates and sponsors of the event. This premium shows that your company has a good reputation and is thinking forward to protect not only your interest but the participants to the event in question.
To insure the potential money raised at a charity event, the insurer will most likely want to see previous account details and to see how well any forecast is projected. This again means having the insurance in place well before the event will take place as it is not a spur of the moment decision for either the insurer or the policy holder. This financial and written material will help both parties for the decision in the insurance and in the event of any claims made.
To summarize charity event insurance, it is a far cry from most normal insurance as it is based on many factors. The insurance company, as ever, needs to cover themselves and offer a good deal to the policy holding client.