The Captive Insurance Companies Association (CICA) has settled its event cancellation insurance claim with Tokio Marine HCC for the CICA 2020 conference, which was cancelled due to COVID-19.
Previously, CICA stated that it had purchased event cancellation coverage for the event and was optimistic about navigating a successful claim.
Commenting on the successful claim, CICA president, Dan Towle said: “Prudent insurance policy review is an important process for all organisations. In reviewing our insurance policies, CICA made the decision to add event cancellation insurance for the first time in its history in 2019. We also decided to include the option of ‘communicable disease coverage’ for the annual conference. This decision proved to be both timely and wise.”
Towle thanked former CICA board chair Steve McElhiney for his thorough work in finding the best coverage options for CICA to consider.
“Having event cancellation insurance is about planning for the unexpected. No one expects that a pandemic is going to lead to cancelling 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 and was invaluable to our association”, Towle continued.
CICA board chair, Lance Abbott, president BevCap Management, said: “I am grateful for Dan Towle and Steve McElhiney’s efforts. We are very fortunate to have purchased comprehensive coverage with a respected carrier.”
He added: “The settlement of the claim will ensure CICA will remain a strong, vibrant and healthy organisation. It will allow us to continue to deliver outstanding education and member benefits without any reduction in services.”
Plans are underway for CICA’s 2021 international conference 14 to the 16 March 2021 at the Westin Kierland, Scottsdale, Arizona.
