CHES Special Risk has launched a new special event liability insurance offering, in anticipation of a demand surge in the product once event organizers eventually get back to work.
With summer fast approaching and COVID-19 vaccinations moving along, CHES is expecting large gatherings such as the Beaches Jazz Festival and the Toronto Caribbean Carnival to make a comeback this year. Event liability insurance for these gatherings is typically optional, but local authorities often require policies in excess of $1 million; organizers must comply if they are to receive permission to put on events.
The managing general agent’s new product launch is also a response to the recent lack of event liability insurance providers in the market.
“A number of insurers have exited this market because of the lockdowns and are unlikely to come back in,” said CHES Special Risk president and CEO Gary Hirst. “People are expected to be shopping for this type of specialty coverage and only a few providers are left in the marketplace.”
CHES’s product includes coverage for third-party bodily injury and property damage that may arise from the event. This includes but is not limited to financial losses and bodily injury, such as food borne illness.
“Organizers need months to plan for events and festival season will be here before we know it,” said Hirst. “We are offering this solution now so event planners are ready to come back swinging.”
