Specialist insurer and reinsurer Beazley has developed a new event cancellation insurance product for registered charities to protect them against costs and loss of revenue related to the events they stage.
The coverage has been tailored to charities by recognising income derived from donations made at events, which contribute significantly to the funds raised by charity occasions.
However, in order for donations to be included, an organisation will need to have organised at least one similar event in the past, to provide Beazley with a benchmark for quantifying the level of cover required.
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.”
Charities will also have the option to augment their event cover with protection against risks of terrorism, non-appearance, communicable disease, theft of money and other property, as well as public and employer’s liability.
Additionally, charities covered by the policy will benefit from a 10% discount on Beazley’s standard event cancellation premium rates.
The new event cancellation product will be made available globally through Beazley’s online trading platform, MyBeazley, to charities domiciled in the UK, Europe, Canada, South Africa, New Zealand, Hong Kong and Singapore.
