Icelandic Volcanic Ash Cover Now Included on Event Insurance from Event Assured

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From mid April to July 2010 we received a lot of enquiries from companies wanting to insure their events against the volcanic ash cloud drifting across Europe from Iceland. That was understandable, but of course it had become a known potential cause of loss, so would not normally be insurable. Some are still surprised to hear us say this, but it was like asking an insurer to cover your house when it's already on fire.

We have kept an eye on what has been happening in Iceland and we are now please to say that although some uncertainty remains, new insurances taken out with Event Assured contain no restrictions or exclusion relating to volcanic eruptions on Iceland, and there is no additional charge for this.In short, we are back to the position which applied before the eruption at Eyjafjallajökull.

So what can we learn from this episode?  Eyjafjallajökull first erupted on 14th April and concerns that the ash plume posed a danger to aircraft, European authorities shut down their air spaces, stranding an some 10 million travellers worldwide.

The last time Eyjafjallajökull erupted was in 1821, and that continued on and off for almost two years. A "big brother" volcano nearby has also previously followed suit and erupted after. It is also worth remembering that there are three other active volcanoes in Europe - Vesuvius, Etna and Stromboli,and there are many others in various parts of the world. Not to mention hurricanes earthquakes, tsunamis.....(need we continue), man made disasters like terrorist attacks or threat or strikes....

This may all sound rather depressing, but if taken out before the risk becomes a known fact, just about all of this is insurable, but who could have predicted this? What might happen next?

Because the world is an uncertain place, it is vital that event managers address risk at the very start of the event planning process, and we can help you do this.