4/21/2015 11:00 AM

Is Your Next Event Covered?

Here in Indiana, spring brings us lots of reasons to celebrate.  The lack of ice and snow on our morning commutes alone is a great reason to celebrate.  With the end of the school year approaching, many students will also be celebrating graduation or just the beginning of summer.

Killingbeck Tax Time CelebrationHere at Killingbeck Insurance, we have a large celebration every year for the end of tax time.  If you’ve ever visited our office during the peak or near the end of tax time, you know how busy we are.  The end of such a busy and exciting time is a great reason to celebrate.

Our traditional celebration is a large dinner.  Every year, after work on the final day of tax time, we treat our entire staff and their families.  This year, we went as a group to Olive Garden.

I’ve even included a picture of all of us out to celebrate.  For those of you that may ask, we all were there, but it is hard to capture everyone in the photo so a few may have gotten cut out.

Spring begins the party season, with graduation parties then leading into wedding season.  Each of us has attended such a party many times.  I’ve been lucky enough to have my parents throw me a graduation party and a beautiful wedding with reception.  Eventually, we become the ones who pay for the party for someone else.   

The one who pays for the event is usually the responsible party, or one liable for any damage or problems that may arise at the event.  Have you checked to make sure you’re covered in case of a lawsuit?

You may want to ask yourself: Does your homeowner’s insurance policy extend liability to the event at hand?  Is this coverage automatic, or do you have to make a change to the policy? If all is covered, is the liability you carry enough in case of a lawsuit?

Liability may be extended to the site where your party is located.  According to the standard HO-3 homeowners policy (for 1991, 2000 and 2011), Section II coverage (liability) is provided to the insured location.  This can include “Any part of a premises occasionally rented to an ‘insured’ for other than ‘business’ use.”  

This means if you are at your home, or renting a space for a graduation party or wedding reception, it would be considered an insured location.

If you are renting a location, they will likely ask for proof of liability insurance, which you will need to obtain from your agent.

Are drinks going to be served at your party?  If so, this means you need to check on your liquor liability. What is excluded can vary based on location and the policy being used.  However, know that by having alcohol at your party, whether you serve it or people bring it, you can possibly be held responsible for any damage or injury caused by someone at your party or after they leave.

While planning your next big event, make sure to discuss the situation with your insurance agent to make sure your party is covered.  You may have to add a special endorsement to your policy for that date for coverage.  If your homeowners insurance doesn’t cover the event, there are special event policies available.

As always, be sure to check your specific home insurance policy to confirm coverage, as different companies do have different variations.   Be wary, some large companies add more exclusions.  What’s covered by one of our companies may not be covered by another.  

And as always, be safe and enjoy the celebration!
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