• Post-Pandemic Changes in Event Cancellation Insurance

     
    POSTED June 12, 2020
     

Event planners often prepare for the worst, but one thing they likely didn’t anticipate was a global pandemic when selecting event cancellation insurance policies for their 2020 gatherings. Panicked planners began contacting Marcia McKinney, owner of Northeast Insurance Advisors, in late February and early March, but as meetings and events ground to a halt, they were already out of luck.

“It’s kind of like trying to buy homeowner’s insurance as your house is starting to catch fire... it’s too late,” says McKinney.

Countless events were postponed or cancelled across the globe in order to stem the spread of the novel coronavirus, impacting thousands of planners. Businesses were left with enormous losses, be it cash spent on venues, vendors, or items bought in preparation of a gathering, as well as lost earning potential. Event cancellation insurance might have protected them, had they opted for the right coverage. However, most planners often ignore health crises as a possibility, since such events on the scale of COVID-19 are so rare.

The 9/11 terrorist attacks, which changed the way many perceive threats, altered the way events are insured. Companies began requiring planners to opt into terrorism coverage, whereas it was included before. While the coronavirus is a different kind of crisis, McKinney thinks insurers will create different solutions and offerings regarding pandemics within the next six to 12 months, though it’s impossible to predict what shape they’ll take.

“More planners and more people who are planning special events are going to be asking these questions,” says McKinney. “Whereas six months ago, nobody was asking about them.”

When executed safely, in-person meetings and events are possible. But it’s been tough for meeting planners across the nation, due to differing state-by-state and even county-by-county guidelines. In some areas, meetings and events have returned a while ago, but for others, it’s hard to imagine what planning a meeting would be like.

 

The fare and flare of Spain has arrived in downtown Grand Rapids with the opening of the new MDRD, pronounced Madrid, on the 27th floor of the tower at Amway Grand Plaza Hotel (previously Cygnus27 restaurant). While the feel and flavors have changed, the unparalleled views of downtown and the Grand River means that this space still provides the best skyline dining in the city. Here, every seat is the “best seat in the house.”

 

It’s not everyday you get the chance to log off, ditch the meetings and let loose with a can of spray paint and a blank canvas. 
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