What is an Additional Insured?
Additional Insured refers to a status within an insurance policy where a person or organization other than the primary policy holder is covered under the terms of the policy. This additional coverage is very important to conference organizers and venues.
What is additionally insured?
Being additionally insured means that an individual or organization is added to another’s insurance policy, and are granted the same protections as the primary insurance holder. This policy extends the coverage to claims that are made outside of the policy holders operations, area, or products.
Why is it important?
- Shared liability protection: Conference organizers can be liable under certain circumstances, and being additionally insured allows organizers to have the same coverage as vendors.
- Direct coverage: Conference organizers receive direct coverage under the vendor's insurance policy.
- Financial security: If incidents occur, event organizers can rely upon the vendor's insurance to cover any legal fees, settlements, or judgements. The vendor's insurance is the primary insurer in most circumstances, so it ensures that they will have to pay out before any other insurance the event organizer holds.
- Reputation protection: Properly managing risk maintains a good organizer reputation and makes events more appealing to venues and vendors. Conflicts between vendors, organizers, and venues are limited because liability is clearly predefined and outlined by the insurance policy.
Additional insurance is very important to the safety and success of conferences, expos, and other large events. It ensures that all parties are properly covered, and that liability falls upon the right party.