Coverage Definitions
Liability
This coverage provides liability protection for losses arising from alleged bodily injury and property damage.
Each Occurrence
The “main” limit on the policy. This is the limit per claim/damage regardless of the number of injured parties. Includes injuries to bodies, property & settlements. Defense costs are paid outside of this limit.
Personal & Advertising Injury
Coverage for the claim of damages against character, reputation, libel, slander and advertising.
General Aggregate
The total limit of all separate claims.
Deductible
The amount the policy holder is responsible for in the event of a claim(s).
Products Or Completed Operations Aggregate
Coverage limit for products related claims; food, products sold, etc.
Medical Payments
A “no fault” coverage. This is not designed to be the source of a severe injury claim, just simple medical expense claims that can be settled/solved for little with minimal investigation.
Additional Insureds
When your venue asks to be named or included on your policy, this is what they’re talking about. You need to add them as an Additional Insured. This provides protection for an entity (like your venue or ownership group of your venue) other than yourself in the event of a claim.
Host Liquor Liability
Host Liquor Liability is the coverage for event holders who may be responsible for the service of alcohol. This coverage will not apply in cases where alcohol is sold. The liability transfers from the drinker to the host when the drinker shows signs of intoxication and then is served, or is allowed to serve themselves more alcohol. If someone has one drink and causes damage to themselves or others on the way home, it is that person’s personal responsibility.
Waiver of Subrogation
A Waiver of Subrogation is an endorsement to your event policy that prevents the insurance company from seeking compensation for paid claims from the venue’s insurance policy. If your venue asks for a Waiver of Subrogation or Primary Wording, choose the Better or Best plan, which include this endorsement. This endorsement makes your policy the first and only policy to pay in the event of a covered claim, even if the venue may be partially liable. Waiving subrogation limits the carrier from recouping costs for claims paid on behalf of others.