Tailor-made: Hiscox launches venue product
20 August 2008
Whether it’s the Tate Modern displaying contemporary works of art, the Aldwych Theatre raising its curtain to the latest West End musical, or a conference centre hosting hundreds of MPs, entertainment venues are as diverse as the clientele they house.
The one thing they share in common is the venue owners’ desires for the correct insurance to avoid being hit in the pocket when disasters strike.
Only last month brother and sister entrepreneurs Michelle and Kerry Michael saw their dreams literally go up in smoke when the historic Grand Pier at Weston-super-Mare – together with its 2,000-seat pavilion for opera, music hall and ballet – was destroyed in a blaze.
Now Lloyd’s insurer Hiscox is to launch what it calls a ‘one stop shop’ commercial insurance policy to give peace of mind to the proprietors of high-quality venues, such as museums, galleries, exhibition halls, theatres, convention centres, art house cinemas and spas, in the UK.
Hiscox said the cover, which is only available via the broking network, can be tailored to individual customers’ needs, providing insurance for buildings and contents, public liability, employers’ liability and loss of income.
“By creating a dedicated product and service, we are able to be flexible to [our customer’s] needs. We believe there are many opportunities in this area and that clients and brokers alike will benefit from access to our 'one stop shop' for business insurance,” explained John Heaney, Commercial Underwriter for Hiscox UK.
The policy will also cover internet and email risks, to reflect the surge in cyber-related crime. Such attacks have been on the top of businesses’ agendas for some months now, and the threat was highlighted in June when Lloyd’s Chief Information Officer Peter Hambling said that Lloyd’s tackles 60 severe attacks to its systems each day.
Aside from the general fire and theft risks, proprietors are faced with a range of potentially costly perils. What happens if the marquee gets ripped, outdoor furniture and shrubbery is trampled on, or, particularly at a time when costs are soaring, the venue suffers from loss of metered water and fuel? What if the emergency services have to break down doors and smash windows to do their job?
Hiscox says its policy will indemnify venue owners for all of the above incidents, and added that additional specialist covers can be purchased if required. For instance, medical malpractice cover can be bought by venue owners who are providing health and well-being treatments or professional indemnity insurance could be obtained for fitness trainers. Furthermore, if concerned about the weather when holding outdoor events or the likelihood of key people not turning up, cancellation cover for hirers of venues can be taken out, should the event need to be postponed.
Last updated on 20 Aug 2008
