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Since the COVID-19 pandemic, event cancellations, for sports and entertainment, for travel and recreation, and for special occasions such as weddings have been a daily occurrence. Even Disneyland has closed.  

There are options for event planners  to purchase insurance  prior to the event occurring for those “just in case” life scenarios. The policy’s specific language typically contains exclusions. If you purchased, for example, trip insurance for travel (whether for a cruise, hotel, or airline) that you had hoped to go on and you are unable to now go, you must check the trip cancellation provisions.  Cancellation policies do not necessarily have refund policies for pandemics; however, merchants and vendors may provide reimbursement in terms of a future credit or actual refund. Again, one must review the terms of the coverage.

There are all specialized policies that contain a list of covered causes, and coverage for coronavirus-related cancellations may be available if the list includes communicable diseases such as viruses, or even more specifically, pandemics. If an organizer of an event, for instance, cancels the event due to an official ban on large gatherings, they are more likely to be covered.

Whether you purchased insurance or are contemplating purchasing insurance, you must make  sure that you know the policy terms which most likely be redefined in light of COVID-19 and changed in favor of the insurance underwriter.