With the UK having faced its worst winter for 250 years, how many venues are going to be fit for purpose? Organisers are now looking towards difficult decisions. What cover do I need and what cover is available. Tread carefully...
Venue Fit for Purpose?
We have been making some tentative enquiries and on the whole, we are not impressed with the advice being given. If your venue is not currently fit for purpose, you will not be covered for your losses, however this is not being made clear by certain insurers at purchase. Exclusions will apply but you have to push to obtain this information. Too little too late for those assuming.
Ask at the outset and be honest, if your venue is currently not fit for purpose you will not be covered if ground conditions do not improve. It is pre-existing. However some will not ask this all important point or make clear this will be excluded should you then claim.
Clarity is paramount. Get it confirmed in writing what you are covered for before you buy, not just the policy wording, but what their interpretation is at the point of claim and purchase.
We spoke to one insurer this week who had no idea as to the actual coverage until we pushed the point, then having spoken to an underwriter, still failed to appreciate the product was being mis-sold. The phrase that was used was "Well, the ground should dry out" which is insufficient to substantiate a successful claim.
You cannot afford to gamble. The stakes are too high. Yes you may be able to buy cover at prices that do not add up but try and claim and I think you will get a nasty surprise - It’s excluded.
It is natural instinct for us to understand what the market is doing. Call us geeks, but we are geeks with heart. We care about the event industry. You are our future and we are yours. We have years of experience to draw on and fully understand and appreciate the difficult times we face, but please ensure you completely understand the cover you are purchasing.
For advise and tips contact us on 01425 484860.