Does your force majeure clause in your venue agreement cover the cancellation of an event from the coronavirus?
We recently had our first client ask if they could get liability insurance to cover the cancellation of their signed venue agreement for an event in June in NYC.
For this particular client, their force majeure clause deals with the venue being prevented from performing services due to an Act of God, which includes orders or other intervention by governmental authorities. Under this type of circumstance, where the venue would not be able to perform the services described in the contract, the venue could either reschedule to a mutually acceptable date or return payments received. However, as of now, if the client decides to cancel, it is considered a cancellation, which then follows the venue agreement cancellation policy.
No planner wants to have to deal with a client cancelling an event, which is why we need to stay on top of this so we can educate our clients appropriately with options.
One option we are offering clients is to do a live webcast, which creates a huge opportunity. Our AV team can set up the presenters and main people in a studio and webcast out to all of the “attendees” who can then watch from the comfort of their home or office. This may not be ideal for all events but it could be a great option for many.
As of now we don’t know of any insurance company who is offering this type of liability insurance but we are staying on top of it. If you have some information on this, please share it with us.
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About Naif Productions:
Naif Productions is a strategic event planning, design and production firm specializing in corporate, live coaching sales events, social, non-profit, and weddings. Based in New York City, we produce events worldwide from Fortune 500 clients and coaches to families and charities. Naif Productions specializes in helping clients attain their goals, realize return on investment, and achieve the most unique, creative experiences.
About Annette Naif:
Since 1986 Annette Naif has been designing and producing custom events, helping clients create their unique style that translates into a memorable and profitable experience. Annette spent 17 years producing events in the motion picture industry where she helped coordinate numerous productions for film and episodic television programs. Since then Annette’s been running her own event production company, coaching other event planners, teaching an event operations and production course at NYU, and now is the CEO & Creative Director of Naif Productions.