No Deductible Special Event Insurance Policies
Deductibles have been a part of insurance policies for decades, and it works in the same manner for event insurance policies. Understanding the role deductibles play when insuring your event is an important part of getting the most out of your policy.
What is a Deductible?
By purchasing insurance you are asking the insurance company to cover or pay if there are damages that could hurt you financially. A deductible is your share of the amount of money that you are responsible for paying toward an insured loss. If a disaster strikes at your event, the amount of the deductible is subtracted from your claim payment. After you meet your deductible, your insurer pays any remaining portion of the claim. For example, if your policy states a $1,000 deductible and your insurer has determined that you have an insured loss worth $10,000, you would receive a claims check for $9,000 (or it would go direct to the injured party).
Do All Policies Have a Deductible?
No, it depends on the insurance company. However, a “No Deductible” policy has become more rare in the event insurance world. If you do find a “No Deductible” policy like with specialinsurance.com then the insurance company will cover the full amount of the claim and you do not have to pay for any costs out of pocket.
Two Major Benefits
- The insured does not have to worry about the financial burden of a possible claim
- The venue prefers no deductible policies because it makes it easier to file a claim for small property damages
Is A No Deductible Policy Right For You?
Assuming the premium is close or the same, there isn’t a downside to a no deductible event policy and can be purchased online 3 minutes with Specialinsurance.com. Want to compare coverages and prices? See this post.
Disclaimer: The materials available on this site are for informational purposes only and should not be construed as advice or guarantees on any subject matter. The opinions and statements expressed through this site are the opinions of the individual author and may not reflect the opinions of JAUNTIN’. This blog contains general information which may not be current or accurate. For specific questions about insurance and any requirements, please contact your insurer directly.