And the Oscar Goes to...Insurance?

02/06/2020

Awards season is a fun time to point your eyes toward Hollywood. While the Golden Globes and Grammy Awards are behind us, the movie industry is gearing up for the 92nd Academy Awards in February 2020.

While most attendees and audiences around the world turn their attention to award winners and fashion faux pas on the red carpet, another team of people is entirely focused on limiting liabilities, keeping everyone involved safe and secure, and insuring the Academy of Motion Picture Arts and Sciences and venues against major losses.

Here's a look at what is considered when putting such an event together.

Typical Insurance for a Major Event

Even organizers of nonprofit banquets and small public events have to think about liability and insurance. When running something as high profile as the Oscars, the risks of what could go wrong must be taken very seriously.

General liability insurance is essential for any event. Whether it's a wedding or an award show, it's a smart idea to put property and injury insurance in place for any large gathering of people. This covers the organizers for a trip or fall injury, among many other common scenarios.

While it isn't as big of a focus as the Golden Globes, the Academy Awards do give guests a chance to go to the bar. When serving alcohol to guests, insurance is even more important. In some instances, liability for guests continues until they make it safely home, or to the after-party. If someone who drinks at the event is involved in a drunk driving accident, there could be financial consequences.

Of course, celebrities will have to get their own insurance for wine stains on their designer dresses.

Insurance Goes the Distance

When many of the most recognizable faces on earth are in one room for an evening, you need to plan for more than the typical soirée. This type of event brings together liabilities commonly seen in the hospitality, restaurant and professional services industries in one place.

For example, the 24-karat, gold-plated Oscar awards need to be protected and insured for theft, damage or loss. Cybersecurity insurance is a good plan for the high-profile voting process. Other types of insurance for big events cover no-shows by performers or speakers, problems with the venue that require a last-minute change, power blackouts and more.

Insurance and Risk Management Protect Everything—Except Bad Award Speeches

A good plan accounts for virtually anything that can go wrong. From someone tripping on the way into a venue to a drunk driver causing a wreck on the journey home, it's essential for event planners to manage every potential risk from start to finish. Laws vary by state, so it's important to work with an expert insurance provider to ensure your unique event needs are met.

At the Academy Awards, the only thing they can't protect against are cringeworthy award acceptance speeches. But, after all, that's part of the reason we all sit down to watch the show.