K&K Insurance Group Inc. announced an insurance program designed to protect event organizers, promoters or sponsors against cancellation, abandonment, postponement, interruption, curtailment or relocation of insured events. Ancillary coverage includes failure of television transmission of an insured event due to any cause beyond the control of the insured or participants.
The policy is automatically extended to cover penalties imposed by the venue for failure to vacate the premises and extra expenses incurred to alleviate loss.
An event organizer's revenue is at risk from many causes, including power failure, damage to leased or rented venue, damage to surrounding venues or infrastructure resulting in lack of access, failure of public transport facilities or denial of access, natural catastrophe, adverse weather conditions, nonappearance of key individuals, inability to erect facilities at venue, disease outbreak, strike risks, failure of TV broadcast, and other previously unforeseen causes. The policy covers the normal contractual relationships of an event organizer which can be adapted for any changed circumstances.
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