Most vendors willingly comply. Show managers can further protect themselves by asking vendors for indemnification, and by being named as an additional insured on their policies. Certificates of insurance should be checked thoroughly to make sure they comply with show management requirements. Others check the name of the insurer, and consult their own brokers if the company name is unfamiliar. The cost of insurance varies considerably based on the dollar amount of the protection, the type of coverage, show location and time of year.
Policies become more expensive the closer they are bought to show dates.
Also, umbrella coverage is usually more cost-effective than purchasing separate policies for various risks. Insurance broker Cain feels there's a good chance the insurance industry is going to have to recoup some of its losses due to hurricanes Andrew and Iniki. While increases are not expected in 1993, substantial increases may be seen in 1994. Buttine expects increases of 10 to 15 percent on liability, property and cancellation policies. Although being a full-time risk manager will probably never appeal to those who crave the excitement of show management, it is nonetheless a job skill worth cultivating.