Beazley, the specialist insurer, has launched bespoke event cancellation insurance for registered charities to protect them against the costs and/or loss of revenue associated with events that they stage.
Most notably, the coverage includes income derived from donations made at events, in recognition of the significant funds that can be raised on such occasions.
Charities also get a 10% discount on Beazley’s standard event cancellation premium rates.
Seren Eaglestone, contingency underwriter at Beazley, said: “Donations raised at events are such an important element of charity fundraising that we were determined to offer them some protection. We have defined a donation as broadly as possible to ensure that monetary gifts, bequests, contributions or endowments, including monies raised from raffles and auctions, are all included.”
In order for such donations to be included, a similar event will need to have been held at least once before so as to provide the benchmark for quantifying the level of cover required.
In addition to the cancellation cover, charities can also add cover for their event against the risks of terrorism, non-appearance, communicable disease, theft of money and other property, as well as public and employer’s liability.
The worldwide cover is available via Beazley’s online trading platform, MyBeazley. Insureds can be domiciled in the UK or overseas in Europe, the US, Canada, South Africa, New Zealand, Hong Kong and Singapore.