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The Captive Insurance Companies Association said Tuesday it has settled its event cancellation claim with insurer Tokio Marine HCC for its 2020 international conference that was canceled due to COVID-19.
The settled claim amount was not disclosed.
In March, CICA canceled the conference just days before it was due to begin in Rancho Mirage, California, because of safety concerns due to coronavirus.
CICA subsequently filed a claim to determine if the cancellation was covered under the three-year event cancellation policy it had purchased from Houston-based Tokio Marine.
CICA made the decision to add event cancellation insurance for the first time in its history in 2019, CICA President Dan Towle said in a statement Tuesday.
The organization also decided to include the option of ‘communicable disease coverage’ for the annual conference, Mr. Towle said, a decision that proved to be both “timely and wise.”
CICA’s annual conference involved about a dozen contracts, from the hotel, to the audiovisual experts, to a craft brewery tour and a photographer.
“No one expects that a pandemic is going to lead to canceling your conference, but the coverage was available to us and we decided it was prudent to obtain. The insurance coverage did what it was supposed to do,” Mr. Towle said.
CICA was “fortunate” to have purchased comprehensive coverage, Lance Abbott, president BevCap Management LLC and current CICA board chair, said in the statement.
“The settlement of the claim will ensure CICA will remain a strong, vibrant and healthy organization,” Mr. Abbott said.
CICA’s 2021 international conference is due to be held next March 14-16 in Scottsdale, Arizona.
More insurance and risk management news on the coronavirus crisis here.
The Bermuda Captive Conference committee has rescheduled its annual conference from June to September due to the global impact of the COVID-19 pandemic.