www.bahrainthismonth.com June 2013 145 Risk-proofing Events What do you do when the event you’ve been planning for months has to be called off at the 11th hour? Get reimbursed, of course! bni Any organiser would attest that planning an event, be it a concert, a conference, a motivational talk or a trade show, involves a substantial amount of time, money, effort and liaison with various stakeholders. Despite their best efforts, if something were to go wrong and the event is called off, the financial liability on the part of organisers and sponsors can be crippling. Bahrain National Insurance’s (bni) event cancellation insurance can help you safeguard against such an eventuality. “We offer event management companies, sponsors and event planners cover against the cancellation of their event due to reasons such as fire, adverse weather, travel delay, non-appearance of performers and national mourning,” says Eman Mujali, senior manager, business development (general insurance), at bni. “We’ll pay for the consequences of such cancellations, which could either involve the reimbursement of only expenses as well as profits they’d have made otherwise.” Designed to provide you with peace of mind and financial protection, the policy also covers cancellation when serious injury or illness prevents a key participant or performer from attending. “A safeguard against cancellation is crucial for the health of event management business. We’ve seen some instances in the past where companies were driven out of business because they weren’t adequately protected against such eventualities,” adds Masood Bader, assistant general manager (general insurance), bni. Masood observes that a medium budget concert with performers flown in from abroad can cost the organisers upwards of BD50,000. “The policy also offers a sense of continuity for the business, in the sense that it will help cover the expenses. Since the organisers are being reimbursed, they can reschedule the event,” he says. Those desiring additional cover against riots, strikes and malicious damage can opt for an extension to their event policy, in the form of a sabotage and terrorism policy. Bahrain’s events calendar has been abuzz in recent years, with many international events such as the Bahrain Grand Prix, the Air Show, the annual Boat Show and Jewellery Arabia finding space on the Kingdom’s roster alongside initiatives by the Ministry of Culture in the form of the Spring of Culture, Manama Capital of Culture and other trade shows. A bigger liability Much more serious than the cancellation of an event is the eventuality of an accident that causes bodily injuries and damage to property. According to Masood, this is an eventuality that no organiser can ignore because the liability can be huge, with several hundred lives involved. bni’s Event Liability Policy is another offering that event planners could top up to make their event fully risk-proof. This type of insurance protects you as the event manager, organiser or sponsor from the consequences of bodily injury and property damage arising during your event up to the amount insured. E Call 17 587-400 or visit www.bnidirect.com. Masood Bader and Eman Mujali
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