Why is now the best time to shop for festival insurance?
A quick look at why now may be the best time to look for festival insurance deals.
The insurance market, like a microcosm of the economy, is cyclical. When investments are booming, insurers are competing for business and offering less premium. When the investment side suffers through a downturn in the economy, underwriters focus more on profits through underwriting. This means higher rates and stricter underwriting.
The festival insurance market will not escape this. This summer we saw some high profile losses in the festival market. This means some insurers will pull out as their losses were too high. The insurer’s left can therefore cherry pick what festivals they work with and may increase their rates.
In this market therefore it becomes vital to shop around and review to make sure you at the most competitive terms.
Also, the losses suffered in the summer may give cause to rethink your current policy. With a few festivals heavily impacted by the unpredictability of British weather what may have previously been seen as a luxury add on, may now be viewed as vital to safeguard the future of your festival.
Can you really afford a complete wash out?
The danger of having to cancel the festival for a year, at short notice may be catastrophic if proper cover isn’t in place.
With both a competitive market and the potential need to rethink your current policy there really is no better time to shop around.
For a look at our festival insurance offering please see here