Hospitality, Events and Entertainment
The hospitality, events, and entertainment industry encompasses a wide range of activities related to providing accommodations, food and beverages, and recreational experiences. It's a service-based sector that includes everything from film direction, hotels and restaurants to theme parks and live entertainment venues. Events, such as film sets, conferences, weddings, and corporate gatherings, are also a significant part of this industry, as they can drive hotel bookings and revenue.
In this section, we delve into the insurance offerings for this industry:
1. Event Insurance - To protect the owners and organizers of the event from the potential financial losses arising out of cancellation, abandonment or postponement of the event, property damage and similar risks.
2. Property Insurance - To safeguard principals, owners, financiers and lenders from the potential Financial losses arising out of physical loss or damage to infrastructure related assets of hotels, motels, resorts and like premises from the risks of fire, flood, storm, earthquake, collapse, lightning etc. Various policy forms are available in the market (depending upon value and coverage) such as Bharat Griha Raksha, Bharat Sookshma Udyam (Micro), Bharat Laghu Udyam (MSME), Standard Fire and Special Perils, Property All Risks, Industrial All Risks and Large Mega Risks.
3. Film Production Insurance - It is intended to provide a packaged insurance solution for producers engaged in film and television production like motion picture or television production, or a series of television episodes, or any other production on film or tape, comprising of cast, props and sets, film, equipment, money and liability exposure as per covered perils in the policy.
4. Comprehensive General Liability Insurance - To cover the legal financial liability of the hospitality, events and entertainment industry towards third-parties arising out of accidents at their premises resulting in injuries or property damage. It also includes food liability, lift liability, pollution liability and similar covers (as per applicable laws of land).
5. Employee Benefits Insurance - To provide financial protection to the employees forming part of hospitality, events and entertainment sector for medical expenses, compensation for accidental bodily injury and other like expenses as part of retention strategy for retaining best talent. Various forms include group health insurance, group personal accident insurance, group term-life insurance etc.