The events and activation industry that stood at Rs.5,631 crore during 2016-17 has been having a substantial growth of close to 16% CAGR leading to predictions that the industry will cross the Rs.10,000 mark by FY 2020-21.
Digital activation, government initiatives, sports leagues, followed by product launches and the likes, fuel this industry. It boosted commercialisation, and high investment involved in this industry led to reputed financial institutions offering their event insurance covers.
What is event insurance?
With event insurance policies in place, organisers of an event are financially covered against any unforeseen circumstances that lead to cancellation or postponing of the same. Such financial products are available for a diverse range of events extending for musicals to weddings.
Why are event insurance policies beneficial?
The significance of this insurance cover can be explained by listing down the financial leverages that it offers an insured individual with –
High-end sum insured
In cases of event insurance policies offered by reputed insurance providing companies, the sum insured can go up to as high as Rs.3 lakh against a nominal premium of Rs.500 per annum.
Extensive financial coverage
This insurance policy in place offers wide financial protection to the investments made in an event against incidents such as –
Damage or loss of equipment, props, wardrobe, sets, etc.
Cancellation of an event due to fire.
Cancellation of events due to official mourning declared of the death of the serving PM/President/CM of India.
Additionally, catering to the convenience of existing and prospective insured individuals, the companies offer multiple modes of payment for the premium of this insurance cover. It includes –
UPI,
Credit or debit cards,
Online bank account transfer,
Mobile wallets, etc.
Individuals planning to organise an event with substantial funding invested in it can purchase such a policy to financially safeguard against liabilities. Both the application procedure and claim process has been kept hassle-free to encourage individuals to purchase this insurance cover.
Read Also: What Is Event Insurance and Why Is It so Important?
