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New Year - New Thinking: Be ROBUST!

One of my favourite advertising strap lines in recent years from Scottish Widows was “looking good for your money”. Today that no longer applies as they have “preparation is everything”. I think this is pretty good and it really encapsulates our first offering of 2008. So, forget the diets, going to the gym, finding a new job etc (sorry Carole!), just make sure your insurance is robust for the year ahead. Our belief is that planning now will save you time later in the year. 

Here are some key principles which might come in handy:

ROBUST (Risk Management and Insurance) Principles

• Review – Are your current insurance policies sufficient for your future events/business activities? Are the wordings wide enough and are there limitations as to countries where you can hold your event?  We recommend that if you are in any doubt you make a quick call or two to establish where you stand.
• Often – It is great when you win a new event contract or tender, e.g. it could be your first time to organise an event in China so as above check that your cover isn’t lacking. If you incorporate risk management thinking into new contracts/tenders you will not go far wrong.  
• Business/Event Description – Ensure that your business/event is fully and clearly described to insurance companies. Sometimes people can be tempted to provide only limited information to insurers but the best advice is to let them know all that will be happening at your event/business. If your plans change let them know. Any ambiguity could lead to a claim repudiation which is not a position you want to be in, believe me!  
• Utmost Good Faith  – One of those insurance principles that mean that both parties – Insurer and Insured - have to make sure they have all the details of the contract. Simply put, make sure your insurer knows all the activities that you intend to have at your event and make sure you understand your insurance policy.   
• Sums Insured – If you have bought any new equipment recently, then we recommend that you check that the policy limits are adequate for you. No point in being underinsured as you may suffer if there is a claim. By the same token, reductions in your requirements may affect the insurance premiums you are required to pay.

Also check that the Public Liability Limit of cover you have will allow you access to a venue/location. Increasingly, venues may not allow you in unless you can evidence sufficient insurance to meet their requirements.  

• Time – Allow your insurers enough time to issue any evidence of insurance you need. As above you may need this to gain access to hold your event. Last minute pressures we can all live without so don’t add to your already stressful situations (unless you thrive on stress of course!). 

Have a ROBUST New Year everyone!

About the Author
Paul Cook, MD of Clarity Event Insurance, is an Associate of the Chartered Insurance Institute and has many years of insurance knowledge. Clarity has years of experience of making corporate event, wedding and other insurance easy and simple. Paul is also Meeting Professionals International (MPI) UK Chapter President 2007/08 with a wide range of events experience up his sleeve.

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