LOS ANGELES, CA— In our ever-changing world, live event producers and vendors are expected to keep up with shifting insurance requirements from partners and insurers. To help these firms respond to new concerns about weather, health protocols, equipment coverage and other general liabilities, Take1 Insurance is inviting LDI2022 attendees to visit booth #2138 to learn about Take1’s new Insurance Checkup list that identifies key items to be aware of when renewing or reviewing insurance policies with their agents.
According to Take1 Vice President and Program Director Scott Carroll, the live events industry has undergone significant change in recent years, resulting in new requirements and expectations for both insurers and policyholders to ensure proper coverage. As such, it’s critical for related businesses to double-check that all their potential exposures are covered, and Take1’s Insurance Checkup list provides a guide to help inform conversations with insurance agents.
“Live events require careful planning and collaboration between many parties, and there may be no relationship more important than the one between an on-site firm and their insurance provider,” Carroll said. “Event organizers are increasingly requiring proof of specific insurances, with some events requiring specific levels of liability coverage. At the same time, the potential losses from denied claims are rising as gear and operations continue to grow in cost.”
The best way for firms to make sure they meet these new standards and ensure preparedness for unforeseen incidents is to re-engage with their insurance agent to fill any gaps in coverage and identify any new needs. Many of the coverages in existing policies may remain unchanged, but there are several important considerations that often went overlooked in the past. LDI attendees can learn more about these topics and coverages at the Take1 booth, including:
- Certificate of Insurance (COIs)
- Blanket Waiver of Subrogation
- Blanket Additional Insured
- Primary and Non-Contributory
- Broadened Named Insured
- Other broadening terms provided by special endorsement
- Inland Marine Non-Voluntary Parting
Take1 does not discuss visitors’ individual needs or make recommendations, but instead provides a broad overview of topics business owners should be aware of to discuss with their own insurance partners. Just as individuals are recommended to get an annual physical to identify problems before they worsen, the Insurance Checkup list targets important policy additions that can prevent business losses or interruptions from any future live event complications.
Booth visitors can meet with Take1 professionals to discuss these important areas and can also sign up to receive an email version of the list to bring to their next insurance discussion.
“Businesses perform best when their leaders are informed about potential issues and take action to prevent them, which is exactly what we mean when we say ‘properly insured’,” Carroll added. “A single uncovered incident can have a major impact on a company’s success and longevity, so it’s crucial to find out what unknowns exist and how they can be remedied or protected against. Take1’s goal is for every event to go smoothly, and for our clients to have peace of mind that if it doesn’t go smoothly, their business won’t suffer as a result.”
LDI 2022 is being held at the Las Vegas Convention Center North Hall from November 18-20.
About Take1 Insurance
U.S. Risk‘s Take1 division services the insurance needs of the film and television production industry and has expanded significantly to meet the needs of audio-video and communications industry clients as well. The company’s experience includes underwriting film and television production companies, DICE (documentary, infomercial, commercial, educational) producers, touring entertainers, concert/playhouse venues, concert promoters, video game developers, and specialty rental operations focused on audio, visual, and lighting. For more information, visit www.take1insurance.com.