The Desire for Unique Experiences Is Driving Event Industry
According to Eventbrite, three out of four millennials (a third of the U.S. population) would rather spend their money on an experience than buying something desirable. The latest generation is more demanding of the quality of an event. They are searching for moments, memories and unique activities. This need for fresh and exciting experiences will shape and change the event industry.
This not only impacts the venues and event planners, but owners of unique spaces as well. Consider a cocktail party at an art museum or a corporate convention at a local camp, for example. It’s becoming increasingly popular to host events in unusual and memorable spaces, with the demand for nontraditional event space growing by 3.8 percent in 2017 (Eventbrite). Luckily, USLI offers several products to help insurance professionals keep up with these changes in the event industry.
The same higher expectations that are driving change in the event industry are also affecting the wedding industry. The recent generation of couples may be challenging some of your typical wedding traditions. With the three “peak” dates to get engaged just barely in our rearview (Christmas Eve, Christmas Day and Valentine’s Day), wedding planning books are out, and dates are being set.
The average total cost of a wedding is currently $36,000, and studies show that couples are underestimating their total figure by 40 percent (WeddingWire)! With couples bearing more of the financial burden themselves, it’s even more important for them to protect their special day.
USLI offers a wide range of special event policies. For weddings in particular, our Wedding Plus product provides:
- Built-in sub-limits for:
- Special jewelry
- Wedding attire
- Lost deposit
- Coverage for rehearsal dinners and wedding brunches for no additional premium
Aside from weddings, we can consider many other types of events under our Main Event, Annual Host and Long Shot products. As things warm up, so do events! Under our Main Event product, we can cover bridal shows, graduation parties, conventions, parades, car shows and more. These types of events are very trendy for people of all ages to attend, and we can consider events with up to 10,000 attendees.
For a more unique liquor liability account, such as an art gallery that serves complimentary beverages at monthly open houses or a nonprofit that offers beer and wine at its quarterly meetings, our Annual Host Liquor Liability product may be just the answer. This product is perfect for applicants with an incidental liquor exposure looking for simple, unscheduled coverage. This coverage is targeted at organizations or groups that have low-exposure events throughout the year that need blanket coverage.
Lastly, we know that sunny weather brings everyone to the golf course. While the perfect swing is important, so is the perfect coverage. USLI can provide prize indemnification coverage for up to $50,000/hole. Our Long Shot product provides peace of mind when that lucky golfer makes a hole-in-one on the designated prize hole. In addition, if we pay out the prize value, USLI will donate an additional 20 percent of the prize value to the charitable organization benefiting from the event.
Whether your insured is hosting a wedding, picnic, festival or golf outing, we hope you think of USLI for special events. Events will continue to attract thousands of attendees who want to experience something new and unique, and the hosts deserve the same thing: unique coverage. These low premium, low touch accounts can be just the coverage your customer needs this season and the rest of the year.
For more information or a quote, please contact your contact your Hospitality and Liquor Lines Underwriter.
As always, thank you for your support and business.
Contact Eric Piersol,
Special Events Product Leader | 888-523-5545 Ext. 2339
Written by Emily Stones
March 7, 2019