Festival cover–event insurance in the parlance of insurers– is not something many are aware of. The eight elephants participating in the famous Mysuru Dasara festival have been insured, according to media reports that appeared last month. Elephant owners buying insurance coverage for their pachyderm is not uncommon.
The Hindu reported that the Dasara elephants have been insured for a total of Rs 25 lakh, the 16 mahouts and kavadis have been insured for a sum of Rs 1 lakh each. A separate insurance cover for Rs 30 lakh is provided for the safety of the public property.
As the festival season is already here, it will be beneficial to understand what event insurance is all about.
Whatever may be the event, be it religious gatherings, sports events or music concerts, customised event insurance coverage can protect the event from unforeseen circumstances and losses individuals and entities.
According to ICICI Lombard, cancellation of events, material damage, personal accident, and public liability are covered under event insurance.
Event cancellation: The coverage includes event cancellation due to fire, earthquake, burglary.
Personal Accident: Death or disability of the named persons in the policy during the course of the event is covered.
Public Liability: Third-party liabilities, including injury and damage to property arising during the course of the event as a result of an accident on the event premises covered.
Damage and destruction of stage and equipment due to fire and other perils, like tremors are also separately covered.
Insurance company Future Generali has compiled a list of exclusions under event insurance which is as follows:
– Non-appearance of any person or group(s) of persons.
– The Insured’s lack of care, diligence or prudent behaviour
– Ionising radiations
– Adverse weather
– Any communicable disease or threat or fear of communicable disease
– Any fraud, misrepresentation or concealment by the insured
– Actual or threatened war or warlike conditions
– Seepage and/or pollution and/or contamination
ICICI Lombard has listed the following exclusions
– Deliberate, willful or intentional non-compliance with any statutory requirements
– Fines, penalties, punitive or exemplary damages, or any other damages resulting from the multiplication of compensatory damages, or arising out of any criminal liabilities
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