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Insurance Business | 19 Jun 2017, 07:27 AM Agree 0
A weekly bass tournament has been cancelled as an insurance policy is required
  • Martin Ridgers, CPCU | 19 Jun 2017, 09:18 AM Agree 0
    The City is right to require insurance and it is really available from several special event insurance companies. Everyone is happy to be together to do something fun and something they love. As soon as someone is injured the family have to look for any resource they can to pay for medical bills and loss of income. As we do not have a National Medical system this puts a lot more reliance on private insurance to fill the gap just for medical costs. The Bass Shop owner should also realise this can protect something he has built over many years his business and his own personal assets. As he does not believe he has insurance then either he does not have insurance on his own business or he has not told his insurance company of the Bass Tournament which could leave him with no protection as this could be viewed by his insurance company a material fact that was not disclosed enabling them to deny a claim or even void the policy. Small business owners should have a close and trusting relationship with there insurance brokers and talk to them about all of their activity to ensure proper insurance is in place. The cost of the premium is small problem to over come rather than a law suit. The fact the event went on 7 years with no one noticing and no claims is not relevant to what could happen today, it can be a factor to keep the premium lower but what happened yesterday does not mean something could not happen today. Insuring special events over the last 30 years I have even seen a claim for a fisherman shooting another because there planted illegal fish escaped that was bigger and the other fisherman caught it. A pores lost their life for a prize that would have been won illegally. The smart thing to do is buy the insurance and have security and safety people at the event to mitigate the chance of injury.
  • John S. | 20 Jun 2017, 09:04 PM Agree 0
    Don't they sign a liability waiver when they register for the tournament? Would that not be enough?

    John S.
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