It’s called “The Big Game” for a reason – it’s the largest sporting event in America. In a normal year, not affected by a pandemic, the NFL’s grand finale, along with the dozens of events leading up to it, can draw upwards of half a million people combined.
With so many attendees in environments that are often temporary, quickly constructed and not completely secured, the big game is also the mothership of event risk exposure when it comes to insurance. We can expect general liability coverage needs for game day to exceed $100 million in coverage limit, with additional coverage needed to address media liability, property, coverage for sponsors of co-branded events, event cancellation and other risks.
Real estate owners and property managers who routinely host events at their properties can learn valuable lessons from what it takes to insure such a massive and complex occasion. Whether your event attracts thousands or hundreds, many of the same risks exist.
For example, temporary structures such as tents and stages create significant liability, as injury caused by such structures is one of the most widespread claims at large events. When organizing events, it’s important to address all potential health and safety risks for attendees, staff and players / performers. Slip and fall risks are always present, but COVID-19 added another critical layer to the medical risks involved with hosting events. Coverage for the spread of communicable diseases is becoming more common, and it will certainly be interesting to see how the NFL handles this matter.
Unfortunately, terrorism and rioting risks have also become more of a concern over the last year. All large events should be accounting for this type of exposure for the foreseeable future.
Of course, when organizing a large-scale event, there should always be a plan for controlling and mitigating these exposures from the start. For those risks that just can’t be avoided, having the right coverage in place could help save you millions.
— Michael Shadeed, Senior Director, Insurances Services
