Insuring Against the Unimaginable
Take1 Insurance debuts live event industry ’ s first comprehensive insurance policy covering malicious acts , including terrorism .
Reinforcing its commitment to create highly customized insurance policies that meet the needs of the modern live and special event production industry , Take1 Insurance recently announced the introduction of its Take1 Combined Crisis Cover , the industry ’ s first comprehensive , affordably-priced insurance protection policy for the live and special event industry .
Created by Take1 Insurance as a Coverholder of Lloyd ’ s , the policy provides immediate coverage of up to $ 1-million annually in the event of , or threat of , malicious acts including terrorism and that caused by an active assailant who interrupts or cancels a planned live event , and protects against property damage and general liability caused by an active assailant .
The Take1 Combined Crisis Cover policy contemplates many of the more likely malicious acts , or threat of malicious acts , industry professionals can face in today ’ s increasingly complex world where , unfortunately , professionals need to be concerned about entertainment events becoming a growing target for terrorists and perpetrators of violence . According to Take1 Insurance , the policy is ideal for event service firms ( equipment rental , audio / visual production and installation companies , as well as event planners / promoters ), DICE ( producers of Documentary , Industrial , Commercial , and Educational content ), and touring entertainers , shell corporations , festivals , special events , and venues .
Unlike TRIPRA ( Terrorism Risk Insurance Program Reauthorization Act ) coverage that is currently offered on virtually every commercial insurance policy , the Take1 Combined Crisis Cover is not specific to the commission of a terrorist act as determined on a case by case basis by the U . S . Secretary of the Treasury and which has difficult-to-achieve minimum damage thresholds in order for insurance coverage to respond .
“ TRIPRA is designed to protect against extraordinary loss after a minimum of $ 5-million in aggregate loss is achieved ,” Take1 Insurance Executive Vice President & Program Director Scott Carroll said today . “ We believe that our insureds and their agents need an insurance program that kicks in immediately whenever a malicious act , or threat thereof – which can include terrorism , but does not need to – is either committed or threatened in a way that forces the interruption or cancellation of , or causes property damage or creates certain liabilities at , a planned event . This new multi-peril policy provides them with an affordable way to recoup some of their business interruption , property damage , and certain liability losses .”
According to Carroll , the Take1 Combined Crisis Cover policy includes coverage for Active Assailant , Threat of Malicious Acts , Terrorism Property Damage and Business Interruption Loss , as well as Terrorism and Active Assailant Liability . A policy offering annual coverage can be purchased for a
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