As the days get longer and warmer, sporting tournaments, community festivals, and concerts are in full swing, highlighting the need for appropriate insurance coverage.
For brokers, understanding and effectively communicating the importance of insurance for recreational summer items and events is crucial.
Stacey Muller, underwriting manager at Beacon, shared insights on why coverage for everything from weddings to boats, ATVs, and water skis should be an essential part of your client’s summer protection plan.
Insuring recreational toys like boats is crucial for protecting financial interests.
"We recognize the increasing costs of recreational toys and their repairs,” Muller said. “Proper insurance safeguards the client’s financial interests in the event of a loss, helping to avoid unnecessary expenses."
Adequate insurance is also necessary for ensuring compliance with legal requirements.
Marinas, Muller pointed out, often require third-party liability insurance for boats moored at their facilities, while forest service roads might necessitate liability insurance for off-road vehicles.
Failing to adhere to these mandates can result in major fines; for instance, operating an off-road vehicle without the required liability coverage in British Columbia can incur a $300 fine.
Evolving geoclimatic factors also impact the need for insurance. "Changing climate conditions increase the risks for recreational items," Muller said.
"On water, severe windstorms can cause significant damage to vessels. On land, heavier snowfalls can cause structures like sheds to collapse, damaging stored property.”
Insurance, being intangible, can often be hard for consumers to value. However, the cost of self-insuring for damages or liability often exceeds the cost of comprehensive insurance premiums.
“At Beacon, we strive to provide the best coverage and premium rates in the local market, ensuring our insurance products offer excellent value,” Muller said.
With wildfire seasons starting earlier and lasting longer, the importance of insuring valuable recreational items becomes even more critical.
For occasions ranging from weddings to softball tournaments, special event insurance protects against unforeseen accidents, damages, and liabilities, providing peace of mind for both organizers and participants.
“We recognize the need for affordable event liability coverage," Muller said.
“Beacon offers short-term CGL insurance for a wide range of events, including weddings, birthday parties, family reunions, sporting events, concerts, and community festivals.”
Most venues require event organizers to carry liability insurance to address potential property damage caused by attendees and participants. Beyond property damage, bodily injuries, such as slips and falls, can also lead to significant financial costs.
"Accidents can happen, and even well-planned events can face unexpected challenges. That’s why our special event coverage offers a cost-effective solution to safeguard against these unexpected incidents," Muller said.
For brokers, conveying the value of insurance in covering these recreational activities and events is vital. It's not just about compliance or risk management; it's about providing clients with peace of mind and the ability to enjoy their summer activities without financial worry.
