Thursday 22 May 2025 - Thought Leadership

Protecting Big-Budget Events Against Unforeseen Circumstances

Event organizing is a costly business and cancellations due to circumstances outside of your control can increase expenses or result in lost revenue. Tokio Marine HCC – Specialty Group understands what is required to mitigate financial difficulties when our insureds are faced with the unexpected. 

No matter how meticulously planned, events such as outdoor music festivals, conferences or trade shows, concerts, sporting events, or weddings can face cancellation, abandonment, postponement, or interruptions due to unexpected circumstances. Therefore, it is essential for event organizers to incorporate event cancellation insurance within the event budget.

Benefits:

  • Coverage is provided for events that are cancelled, abandoned, postponed, interrupted, or relocated.
  • The "All Cause" coverage provides protection against a broad spectrum of potential risks, including mandatory reduced attendance (for certain event types) due to specific covered circumstances.
  • Extended protection options are available for terrorism, civil unrest, cyber incidents, national mourning, and nuclear/biological/chemical terrorism.

Case Study

In September 2024, Hurricane Helene significantly impacted North Carolina and several other southern coastal states. The storm inflicted severe damage on homes, towns, and venues, leading to the cancellation or postponement of numerous events.

Weddings planned for that weekend were among the affected events, as venues and vendors were unable to operate due to the storm's destruction. Consequently, many weddings had to be postponed or even cancelled.

For those who had event cancellation insurance, the additional costs associated with rescheduling their wedding were covered under Specialty Group’s policy. This coverage helped organizers mitigate financial losses by providing relief for additional expenses incurred, ensuring that the celebrations could proceed without further financial strain.

How Tokio Marine HCC – Specialty Group Can Help:

Tokio Marine HCC – Specialty Group’s Event Cancellation Insurance is a vital tool for event organizers facing the unpredictable nature of large-scale event planning. Our policy offers protection against various unexpected risks, allowing organizers to plan and execute their events without concern for financial loss due to unexpected disruptions.

Contact:

Michael Thompson
Senior Vice President, Contingency Underwriting
[email protected]

Scott La Croix
Vice President, Head of TMHCC Specialty Canada Operations
[email protected]