What Elements Influence The Rates of One Day Insurance

Special Event or One Day insurance is a crucial kind of liability protection for particular people or for-profit and non for profit organizations that sponsor specific events which are not usually covered under the business general liability regardless of the causes. These reasons could range from the fact that some event organizers may not be owning any liability insurance at the moment and they need some sort of insurance for a specific event, or their current liability insurance does not offer enough protection at the offsite location where the activities will occur. Individuals can get this special event insurance as a brief protection.

Wedding, parties, live performances, sports tournaments, presentations, exhibitions and markets whether done as individuals, organizations, teams, worship entities, and business entities that promote or host activities that are not included in their General Liability Policy, are normally needed to give this insurance when and if requested. Usually, owners of the premises where the activity will occur, auditorium, park, city or state authorities will ask from the customer to have them reported as additional insured on all evidences of insurance.

 Coverages Under Special Event Insurance. Coverages offered under one day event, or special event, comprise of bodily injuries and property damages for which the insureds end up accountable for on or during the activity time. Special event coverages may offer commercial general liability coverage, dram shop (liquor liability), and other legal defense for claims of negligence made against the insured, or the people organizing the event. In the litigious culture of the present days, event planners have to meet potential liability adverse legal actions from people attending the function.

Coverage that comes normally included:

1. Each Occurrence / Premises Liability
2. Product & Completed Operations
3. Personal and Advertising Injury
4. Rented Premises, or Fire Legal
5. Medical Payments (optional)
6. General Aggregate

Limits on these coverages can vary, but they are normally set at $1,000,000 each occurrence.

Liquor liability, garage keeper liability, or any other liability that is not expressly scheduled in the policy will not be covered. To be covered, liquor liability, for example, must be added to the coverage by an endorsement.

Certificate Holders and Additional Insured: Usually landlords / managers of the location where the event will take place (for instance: ball room owners, park districts, villages and towns, exhibit organizers, etc.) will require that the event planners show evidence of insurance for the time of the event. People demanding the proof of insurance need to be assured that in case of any lawsuit the requesters will have the Special Event policy comes to the scene and defend them as well.

 Things Influencing Rates and Prices:

The main factors determining price of insurance are:

1. Nature of Functions. Insuring a function with gymnastic or other physical activities will cost more than a different event for wedding, for instance.

2. Time Frame of The Event. A five day event is more costly than a one day event.

3. Number of Attendants. The more people involved in the event the more premiums customers have to pay for this policy.

4. Use of Liquor. If attendants consume alcohol in the event then additional coverage will be needed. That extra insurance is called 'Liquor Liability' or Dram Shop liability insurance.

Many insurance companies offer online information for one day event. But to get the right quote you might have to speak with an independent insurance producer who can tell you exactly what is required.