What type of insurance covers losses due to event cancellations?

Event cancellation insurance is specifically designed to protect individuals or organizations from financial losses that may arise when an event cannot take place as planned due to unforeseen circumstances. This type of insurance can cover various costs, including lost revenue, non-refundable expenses, and additional costs incurred from rescheduling. By having event cancellation insurance in place, event organizers can mitigate the financial risks associated with potential cancellations caused by factors such as severe weather, natural disasters, or other unexpected incidents that could disrupt the event.

Other types of insurance, such as general liability, business interruption, and property insurance, serve different functions and do not specifically address the risks associated with the cancellation of events. General liability insurance covers bodily injury and property damage claims, while business interruption insurance focuses on income loss resulting from temporary business closures due to covered events. Property insurance provides coverage for physical assets against various types of damage but does not cover loss of income or costs associated with event cancellations.