There’s no kidding about when it comes to insuring goat yoga.
Standard yoga is quite simple to insure – but add a baby goat into the mix when you’re trying the cat pose (Marjariasana) and the exposures get a little bit more “interesting.”
Such risks require a touch of imagination and innovation to solve, things that underwriters at
K&K Insurance Canada have in abundance.
Insurance Business caught up with Kevin Dannemann, vice president and general manager of K&K Insurance Canada about how the company approaches unique exposures in the special event / activity space.
“Yoga has really exploded in Canada in terms of popularity, and it’s really venturing into different spaces. This year we wrote a few policies for goat yoga, which was one of the more interesting requests,” he said. “We write yoga on a regular basis, so the exposure itself isn’t that much of an issue. But when you add in little animals, you have to look at the risk in a different way.
Celebrate excellence in insurance. Join us for the Insurance Business Awards in Toronto
“At K&K Insurance Canada, we don’t provide coverage for the goats, but we do recognise the extra exposure linked with having an animal present. In general, goats are fairly tame, but there could be
an injury as a result of doing yoga in the presence of goats, so we incorporate that in terms of the exposure, pricing and making sure there are valid waivers in place.”
Understanding unique risk exposures and finding adequate solutions to those problems is not always easy for insurance brokers, especially if they’re not frequently servicing the special activities space. It’s up to companies like K&K Insurance Canada to assist brokers and “help them understand where unique exposures lie,” according to Dannemann.
The MGA helps brokers by providing a tried-and-tested waiver, which is free of cost for insureds upon binding. This legally tested waiver is a big money saver for insureds running non-profit events or one-off activities, claimed Dannemann, as it can cost a few thousand dollars to go solo.
“The other interesting request we had recently was anti-gravity yoga [combines traditional yoga poses, pilates and dance with the use of a hammock],” added Dannemann. “We inspected the company who approached us. The rigging and material [hammock] they were using came from a US company, so it was installed from their specs, which we were happy with. We made sure the appropriate installation processes took place and that the people administrating the class fully understood the exposures and how to minimise any injury that could occur.”
Other popular activities that have required some imaginative underwriting from K&K Insurance Canada in recent months include axe throwing (a hardcore darts alternative) and escape rooms (where teams a team needs to solve a series of puzzles to get out of a room).
“The struggle for insurance brokers tends to be around apprehension of the risk. These special exposures can be very different to a standard retail exposure or commercial insurance risk,” Dannemann commented. “We would encourage insureds to go through the broker network and connect with us at K&K Insurance Canada as the best way to make sure they have the right coverage in place.”
Related stories:
Special event security is ‘top of mind’ after mass attacks
Tattoos, tans and permanent brows – why it’s worth insuring the risk
