Looking for the best special event insurance for venues? With over 80% of venues now making it mandatory for renters to secure their own insurance policy, special event insurance for venues has quickly become a hot topic.
The below post outlines what to look for as a venue when choosing a special event insurance provider to work with. Looking for special event insurance as a renter? See our event insurance comparison post.
What is Special Event Insurance for Venues?
As a venue, there are many good reasons to make event insurance mandatory for renters:
- Insulates the venue’s main insurance policy
- Protection for the venue for things and people they have no control over
- Potential insurance premium savings on the venue’s main insurance policy
- In the event of an incident, peace of mind knowing that the venue is dealing with an insurance company and not the individual renter
Special event insurance for venues is usually a fraction of the cost of the rental fee that can protect both the renter and the venue from injury, damage and liability claims. Because of this, many venue now make special event insurance mandatory for renters as part of the rental agreement.
What are the Common Requirements?
Below is a list of common things to consider as a venue when it comes to event insurance.
1. Minimum Coverage Limits
The minimum coverage limits for liability and property damage required by the venue. For liability, $1M per occurrence and $2M aggregate is very common. For property damage, $1M is becoming more common, although $250,000 is the minimum starting point for many.
2. Additional Insured
Venues should ask to be listed as an additional insured on the certificate of insurance. Specifically, this is where the venue’s company name and address is printed on the certificate to show that they are in fact an additional insured to the policy. Sometimes multiple Additional Insureds will be listed if the venue is owned by a larger entity.
3. Specific Endorsement Request
Higher end venues are now requesting specific endorsements to the event policy. The most common ones are Primary Noncontributory and Waiver of Waiver of Transfer of Rights Against Others to Us.
What to Look for in Choosing the Best Special Event Insurance for Venues
Many insurers now provide free venue partnership programs where the venue can receive a unique link from the insurer. The link is unique to the venue and will automatically set the required limits and additional insureds to each policy. The link will also automatically send a copy of the certificate to the venue.
Here is an example of a venue link: https://events.specialinsurance.com/?prop=DAVISANDGREYFARMS-000
The Best Insurers for Special Event Insurance for Venues
GatherGuard
Starts at $75 for $1M/$2M GL coverage
Min. Damage to rented premises limit: $250,000 (Upgrade to $1M for $25+)
Medical expense limit: Not included
Waiver of Subrogation Endorsement: No
Primary Noncontributory Endorsement: No
Free quote feature available
SpecialInsurance.com
Starts at $160 for $1M/$2M GL coverage
Min. Damage to rented premises limit: $300,000 (Upgrade to $1M for $75)
Medical expense limit: $5,000
Waiver of Subrogation Endorsement: Yes
Primary Noncontributory Endorsement: Yes
Free quote feature available
Coverage can extend beyond midnight depending on state liquor laws, in which case only 1 day of coverage is required