Does public liability insurance require good credit? or large sums of money in the bank?

Question

I'm putting on a 5 day event and the venue wants a certificate of insurance for a million. Problem - I have no substantial funds in the bank and horrible, horrible credit due to unemployment. Yes, I own the event being put on. What are my chances of actually getting a policy?

Answer 1

In the UK this would not be an issue for you.  I don't know how it works elsewhere.

Essentially if you can pay for your event / liability insurance then that is fine - Credit rating is not a rating factor for liability insurance.

Answer 2

Just do some legwork and get quoted. I don't see what your credit has to do with the ability to get insured.

So long as you PAY for the policy, they'll be happy to sell you one, but being on yahoo answers isn't going to help you one bit, you should be in google or pouring over the yellow pages.

Answer 3

as long as you can pay for the policy you can have the worst credit in the world it does not mater

Answer 4

As far as I know, the premium for public liabilty insurance will depend only on the duration and the nature of the event being covered. Your net worth and credit standing shouldn't be issues as long as you have sufficient funds to cover the policy's premium cost.

Since I've only been peripherally involved i special events planning, I could easily be wrong on this. You'd need to talk to the agent who will be issuing the policy to be certain.