Festival Insurance 101: What You Need to Know
In this episode of Festival Soup, host Mike Baxter interviews David Olivares, festival insurance expert. They explore the often-overlooked topic of insurance for festivals and fairs, breaking down the essential types of coverage event organizers need. From general liability to the intricacies of weather insurance, David provides expert advice on protecting your event from unexpected disasters.
Key Points:
- [0:41] - Introduction to David Olivares and Cliff Insurance
David explains Cliff Insurance's history and their specialization in outdoor amusement and entertainment coverage, offering both retail and wholesale insurance services.
- [3:15] - Why Work with a Specialist?
Mike and David discuss the challenges of working with local agents unfamiliar with the festival industry, and the importance of partnering with an experienced festival insurance agent.
- [6:59] - Essential Insurance Policies for Festivals
David outlines the most critical insurance policies for festivals, including general liability, liquor liability, workers' compensation, and event cancellation.
- [9:19] - Weather and Event Cancellation Insurance
David highlights the benefits of weather insurance, using real-life examples of how festivals avoided financial disaster.
- [13:22] - Additional Coverages to Consider
Discussion on less common but vital coverages like E. coli coverage for petting zoos, volunteer accident policies, and drone insurance.
- [18:16] - Golf Cart Hazards and Coverage
Golf carts present significant liability risks, and David shares how proper coverage is crucial to mitigate potential accidents.
- [19:45] - Determining the Right Level of Coverage
Advice on assessing your event’s exposure based on size and activities, emphasizing that insurance requirements can be similar regardless of event scale.
- [25:19] - Emerging Risks: Active Shooter Coverage
The growing need for coverage related to active shooter incidents, including firearm exclusions in some general liability policies.
Quotable Moments:
- [4:24] “Insurance is hard enough to comprehend by the layperson. Now imagine doing that in a hard market with shrinking options." - David Olivares
- [9:19] “You can save for a rainy day or buy an insurance policy that helps recoup some money when your event can’t happen." - David Olivares
- [18:40] "Golf carts are one of our largest exposures for claims in the industry. It's crucial to have the right coverage in place." - David Olivares
Links Mentioned:
- Kaliff Insurance: https://www.kaliff.com/
- Texas Festival and Tourism Consulting: https://texasfestivalandtourismconsulting.com/
- Texas Festivals and Events Association: https://www.texasfestivals.org
- International Festivals & Events Association: https://www.ifea.com/
If you’re planning a festival or event, insurance is a critical part of your preparations. Don’t leave your event exposed to potential risks. Reach out to experts like David Olivares or attend workshops at events like the Texas Festivals and Events Association conference. For more insights and tips, be sure to subscribe to Festival Soup on your favorite podcast platform and leave us a review!
