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Aug 26, 2011

Event Insurance - Part 2

How do we protect our conference?

Conference organizers should make sure their contractors and the venues are adequately insured. To cover events, we require a certificate of insurance from all of our contractors. It’s a step in due diligence and an extra layer of protection.

Make sure that the conference information schedule registering the conference with IEEE is accurate and complete. The conference information schedule triggers the IEEE general liability insurance which protects IEEE, the Society, and you the conference organizers.

Who Needs Event Cancellation Insurance?

While usually not necessary for most meetings, not having it can spell disaster in the case of a large annual conference that brings in substantial revenue for a Society. The generally accepted guideline is to buy coverage if the meeting generates revenue equal to half of an organization’s income. ICASSP is 35% and ICIP is 25% combined they are 60% of the Society’s conference revenue.

Therefore it may be that such coverage is necessary, it is important to realize that it should be purchased well in advance of the meeting. The company IEEE purchased event insurance from sells policies up to three years in advance of a meeting, but no later than 30 days out.

A typical policy is good from the time you purchase it until five days after the event. So you are covered from anything that happens in the meantime, such as the convention center burning down. There are advantages to buying the policy sooner rather than later.