Specialist insurer Beazley will be arming registered charities with protection against losses through its new insurance product for fundraisers.
The event cancellation insurance includes cover for donation income that would have otherwise been derived had the event not been cancelled. Beazley said a similar event will need to have been held at least once to serve as a benchmark for quantifying the level of cover.
“Donations raised at events are such an important element of charity fundraising that we were determined to offer them some protection,” said Seren Eaglestone, contingency underwriter at Beazley. “We have defined a donation as broadly as possible to ensure that monetary gifts, bequests, contributions, or endowments, including monies raised from raffles and auctions, are all included.”
Charitable institutions can also add cover against risks such as public and employer’s liability, non-appearance, communicable disease, theft, and terrorism. Meanwhile a 10% discount on Beazley’s standard event cancellation premium rates is offered as well.
Via the insurer’s online trading platform MyBeazley, the worldwide cover is available to charities domiciled in the UK, Europe, the US, Canada, South Africa, New Zealand, Hong Kong, and Singapore.