GIAB: Insurance available for events but premiums may be higher

By Jenique Belgrave Party promoters and organisers whose events have been breached due to lapses in security may find themselves facing higher insurance premiums. President of the General Insurance Association of Barbados (GIAB) Randy Graham warned that the cost of coverage for certain events may increase based on previous claims, the location and the level of security provided. “If you have a vehicle and you get into multiple accidents, your premium will be impacted, right? So it will be the same thing on the pricing at these events. If you have a circumstance where you have had claims or the security is underwhelming, then that premium may be higher than if you’re having an event in a well-secured place where there is less chance of having any damage…. “So you might see increased premiums if the security is not satisfactory, but if security is satisfactory, I wouldn’t imagine that there is an immediate need to increase premiums. So it will depend on the event and the security at the event,” Graham told Barbados TODAY. On Thursday, Commissioner of Police Richard Boyce told promoters and organisers of mass events that they would receive no security assistance from the Barbados Police Service in the future if their perimeter fences and other security measures were not up to par. As to whether this would impact the decisions of insurance companies on which fetes and parties will be covered, Graham said insurers also did their own evaluations. “Whenever we are contemplating the insurance of an event, if the police are also assessing the security at the event to make a decision as to whether they will support it or not, that gives the insurance company additional comfort that the security experts are reviewing the location and will make a decision. But I think the companies will also continue to ask questions about how the events will be secured and make decisions on insurance cover based on those responses,” he said. Graham gave the assurance that in spite of the various incidents which have marred some Crop Over fetes in recent weeks and some insurance companies being hesitant to cover events, the majority of insurers are still willing to provide the coverage for these parties. However, he stressed that proper security must be a critical feature going forward. “Every company will not withhold insurance from all events. That won’t be the case, but companies will obviously continue to ask questions about security events, given the incidents that we’ve had recently,” Graham added. jeniquebelgrave@barbadostoday.bb]]>