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Contingency

Contingency business is really a class where the defined risk or liability cannot be ‘pigeon holed’ into it’s own separate box. There are many types of contingency business not least: Event cancellation/corporate protection, film & media, non-appearance, confidential life and litigation delay.

  • Event cancellation/corporate protection - We cover those involved in major sporting and corporate events, such as broadcasters, sponsors, and individual entrepreneurs, as well as organisers of and exhibitors at conferences, exhibitions, trade shows and concerts
  • Film & media - Covering makers of TV films, documentaries and feature films against non-appearance of cast, and additional re-shooting costs following loss of or damage to negatives, props, cameras and other technical equipment
  • Non-appearance - We protect promoters, conference organisers, managers and the like against the non-appearance of talent, from conference speakers to opera divas. We can also cover the loss of any fees paid in advance
  • Confidential life - Death or disablement insurance for the key talent's contractual value, which can be taken out without the knowledge of the insured person, to cover, for example, upfront fees paid to a rock star or public speaker
  • Litigation delay – Cover for additional legal costs due to a trial or arbitration's delay or cancellation caused by the death of a key person such as a barrister or judge

The location of risk is determined by the insured location. Usually these products are purchased by companies or other corporate bodies. The location of risk is then determined by the location of the insured business establishment most closely associated with the risk and not the location of the event that leads to the financial loss. If the insured is an individual, their location is the jurisdiction in which they are domiciled.

Miscellaneous financial loss includes:

  • Extended warrantees
  • Contract frustration
  • Political risk (see separate guidance)
  • Confiscation risk
  • Insufficiency of income
  • GAP
  • Bad weather
  • Loss of benefits
  • Continuing general expenses
  • Unforeseen trading expenses
  • Loss of market value
  • Loss of rent or revenue
  • Other forms of financial loss

We are happy to discuss whatever need you have in greater detail, if your concern on potential exposure is not listed here do not worry we are here to help and manage any problem you may have.

For any enquiries about our contingency insurance please contact info@lemma-insurance.eu