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"Contingency" is a universal phrase for a range of specialist insurance products developed primarily for the sports, leisure and entertainment industries. Organizers can protect events ranging from sports competitions and pop concerts to exhibitions and theatrical performances. Coverage offered includes:

Cancellation and Abandonment
This insurance is designed to protect the budget of event organizers against a range of risks that could prevent the event going ahead as planned, such as adverse weather, power failure at the venue and non-appearance of celebrities or key speakers.

Cover is for proven costs, expenses, fees and commissions incurred by the assured if the event is cancelled, abandoned, curtailed, postponed or relocated due any cause beyond their control. In some instances profit relating to the event can also be insured. The insurance must be purchased at least two weeks before the event is scheduled to take place.

Non-Appearance
The organizers of events such as theatrical productions, concerts, fund raising dinners and sporting events may face considerable financial loss if the event cannot go ahead due to the absence of a pre-booked celebrity or speaker, that is beyond the control of the assured (or the insured person).

The cover responds if the event is cancelled, abandoned, curtailed, postponed or relocated as a result of the non-appearance of the celebrity or key person.

The cover generally excludes all pre-existing medical conditions in respect of the insured person. Willful non-appearance by the key individual is not covered.

Prize Indemnity
The expenditure incurred by organizations in respect of sponsorship, promotions and advertising runs into millions of pounds. Prize indemnity insurance enables the insured to engage in promotional activity to raise their profile, without the costs escalating to unaffordable levels.

Whilst there is no guarantee that the prize will actually be won or the reward claimed, the cost of the prize or bonus will appear as a liability on the company's balance sheet. With prize indemnity insurance the organization can offer even more exciting prizes than they would otherwise be able to, thus increasing the impact of the promotion.

The insurance indemnifies the insured for the actual cost of the prize or bonus. The competition must be legal and there must not be a guaranteed winner.

Contractual Bonus
Sports clubs are under continued pressure to offer ever more generous reward packages to their players in order to retain the best performers. Contractual bonus insurance gives clubs the opportunity to offer bonuses to teams or individual sports stars if they achieve certain wins, while still protecting their balance sheet.

This insurance provides cover for the cost of bonuses offered by a sponsor to a team or sports person who scores a specific achievement, for example an athlete who achieves a world record in a specified event or a team winning a specific competition.

This is an indemnity policy and only pays out once the players have actually been paid the contracted bonuses. The contract relating to the bonuses must be in place at the time the insurance is taken out.

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