The disaster that occurred at the Astroworld Festival on November 5 was a devastating tragedy. When a crowd of more than 50,000 surged toward the stage, it resulted in several people losing their lives. In an act of reckoning, it is alleged that rapper Travis Scott will pay for the funeral costs for the Astroworld victims and provide free therapy to festival attendees.
This unfortunate event sparked up a very important topic I would like to share with our subscribers who are promoters and event organizers: Please consider investing in event insurance! When promotional companies or event organizers host an event, they assume most of the risk in the event someone gets injured, the event is shut down or cancelled due to unforeseen events.
Just recently, the Buzbee Law firm filed a lawsuit seeking more than $750 million on behalf of at least 125 victims of the tragedy. The lawsuit was filed against Travis, Drake -who performed with Travis during the festival, Apple Music -which live streamed the concert, Live Nation, Epic Records, Harris County Sports & Convention Corporation and several other businesses and event organizers.
While it is alleged that all Astroworld attendees will be refunded, what some people don’t realize is that the performer is not responsible for refunding attendees. This is the responsibility of the Promotional Platform. Which in this case, is LiveNation. There is a lot of liability that Livenation will have to account from having to refund thousands of attendees while still having to pay for services such as vending partners, pre festival activities to name a few.
4 Ways to make sure the Promoter/ Event Organizer is Protected:
1. Inquire with the Venue what insurance they have. Are you covered or liable?
2. Consider including a clause in the contract with the venue to share the risk.
3. Confirm who is responsible for security.
4. Take out a personal insurance policy that protects you.
Here are the 7 Best Event Insurance Companies of 2021:
Best Online Underwriting: Eventsured
Best for High Limits: Philadelphia Insurance Companies
Best Value: Markel
Best Customer Service: Travelers
Best for Weddings: WedSafe
Best for Corporate Events: USLI
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