Long Live The Queen ... but what if she doesn’t?
Your prestigious in person event is just days away, it’s a sell out and everything is on track at the swish London venue when the news breaks, The Queen has died. What do you do?
Would your insurance cover you for the lost revenue, re-scheduling, the PR?
The rather unsatisfactory answer is probably not. You may not have thought about event insurance or you may have it but have not read the terms and conditions.
If you don’t have the cover or think you might need it – read on!
Event policies can include death of the monarch, member of the royal family or the head of state but most restrict the age of the individual for whom the mourning is declared to 70 years, ruling out cover for the present Queen.
You may be able to ask insurers to add this cover, but the cost of protection could be prohibitive. Mainly because insurance is based on things being fortuitous i.e. they happen by chance and not inevitable or predictable, sad fact.
However, if your event isn’t in London, or in close proximity to a Royal Palace the impact may be reduced but it is still worth considering the potential impact.
What happens if the Queen dies?
It is thought there would be 12 days of national mourning, during which time key services could be suspended, potentially making it difficult to run your event, particularly if it is in central London as it expected the public outpouring of grief could be similar to those witnessed after the death of Princess Diana. If the Queen lies in state at Westminster Hall until her funeral, as her mother did, it is thought the number of people visiting to pay their respects will far exceed the 200,000 that visited in 2002. This could cause further disruption to your event.
What can you do?
If the insurance is not available and you think you are at risk then it is worth thinking about how you might plan for it and reduce the risk of financial loss, there are three ways you could approach this;
1. Look at your Terms & Conditions – what do you tell people about cancellation or abandonment? Would they get a refund or be able to re-book? What happens if their travel or accommodation are affected? If the event goes ahead but people decide not to come, does that affect the refund policy? i.e. If the event was cancelled and you had to re-book it? Would people have their tickets transferred.
2. Start Planning – as part of your planning think about what you would do if the Queen died 10 days before your event, 7 days before, 2 days before or on the day. Check the T&C’s of your venue, would they move the event, is there a cost to you for this? What agreements do you have in place with your speakers, videographer, support team? Is merchandise or material for the event evergreen? i.e. not date specific so could be transferred to a new event on another day.
3. Calculate the Costs – how much would you be out of pocket and compare this to the cost of the insurance vs. the risk of it happening.
4. Plan for It – Make sure you include the point above in your Disaster Recovery plan (DRP).
As always, the information in this post is fairly general and is designed to be a guide to the subject matter, there will always be differences in the requirements you require which are specific to your event. If you would like to book a 1-2-1 call with me, please drop me a message at email@example.com
If you need help trying to find an insurance broker, you can read my blog How to Find a Good Insurance Broker in the UK here.
Coming Soon: Holding events at home?
I am writing a post about all the things you need to consider if you have clients visit you at home or if you hold seminars or workshops at home.
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