The biggest risk their events face, according to event professionals, is the failure of vendors and sub-contractors to show up, the International Special Events Society (ISES) reported last week.
In partnership with specialist insurance provider HCC Specialty, ISES conducted a survey of more than 5,000 event planners to find out what their biggest event-planning concerns are. From a choice of four options, absentee vendors and subcontractors ranked first (47.4 percent), followed by weather (37.1 percent).
"We were interested to learn what the ISES constituency thought about the needs and application of insurance in their business and overriding concerns. What we learned is that protecting the members and their clients with customized coverages is of the highest priority, with an emphasis on liability insurance," said Sean Curtin, senior vice president of contingency and commercial package at HCC Specialty. "In addition, we learned that there is a need for lesser-known coverages such as weather and promotional insurance, leading us to believe there is a lack of knowledge and understanding of these niche insurance products. We hope to offer value to the group applying this information through educational opportunities whenever possible."
According to the survey, 70 percent of event professionals choose specialized industry coverage for their insurance needs.
"This survey … was designed to look at our members' preferences when it comes to event insurance along with the growing trends in the marketplace," said ISES International President Kevin White. "The results have been very interesting and will help us both to provide better support and guidance for our members as well as shaping how event insurance develops in the future."