Specialist event insurance company InEvexco has stepped forward to support ESSA members with a flexible approach to insurance that is tailored to the events industry, now that there is a clearer path out of lockdown and into the future.
“We are in unprecedented times where normal business isn’t really normal, and where everything will have to adapt,” explains InEvexco managing director, Mark Clayton. “And that also includes insurance policies for businesses operating in the event industry.”
InEvexco is rolling out a programme of flexible insurance policies that correlate more directly with the business on the books, it takes into account the volume of work in hand and how that will increase as the industry unlocks.
“Matching insurance policies to the risk at that moment is critical if we are to see the industry get back on its feet and kickstart the economy. Being underinsured is arguably more damaging than being overinsured so we are launching a programme of flexibility where we will work with our clients and the insurer to match policy and premium to trade, risk and exposure. We don’t want our clients to sacrifice important cover to achieve a false saving so we will aid customers to hold relevant insurance with an appreciation of the sectors likely exit of these dark times. They will not be paying for cover that they will not need at the moment but we will also work with them to make sure that as business returns they remain covered for the increase in exposure,” added Clayton.
Luke Facey, managing director of Alfa Display Limited applauded the initiative, “We’ve had such a period of uncertainty over the last year and a half, having to reduce business costs and adapt to jobs being postponed or cancelled at a moment’s notice. Now that we are starting to grow back again, it’s been critical to have the support of an insurance broker that understands our industry, and enables flexibility in our insurance.
Plus they are very very nice people to deal with!”
Insuring risk has always been based upon an annual level of risk and policies are written accordingly. When an industry is in a relatively steady-state this makes sense, however, under the current situation with the events industry in a state of flux, many insurance brokers and insurers are stepping away from certain specialist classes or insureds’ occupations.
Trevor Nock, managing director - Solutions2 Ltd, commented, “The approach taken by InEvexco has provided us with two critical services, the first is the flexibility to manage our insurance costs against the risks as we open up the industry but equally important is the service provided by having an external view that ensures our risk never exceeds that which is insured. Something, it is easy to lose sight of when your focus is driving the business forwards.”
“A specialist sector like exhibition and events requires an understanding of the trading climate in which the whole industry finds itself. We have put InEvexco at the heart of this fluid situation to offer ESSA members clarity of advice, support and the flexibility to rebuild their businesses, '' concluded Clayton.”
