Risk Managment Flashcards
Additional Insured
An individual or organization listed as covered by a primary insurance agreement.
All-Risks Insurance
Insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded.
Attrition
The difference between the actual number of sleeping rooms (or F&B) realized and the number agreed to in the contract. Usually a percentage or actual shortfall limit is allowed before damages are assessed.
Automated External Defibrillator (AED)
Device installed in many large public areas (e.g. airports, hotels, convention centres). Can be used by any individual to administer life-saving care to person experiencing a heart attack.
Blue Laws
Laws that regulate the types of businesses that must be closed, or the types of products that may not be sold on Sundays. Also known as Sunday Laws. U.S. specific
Cancellation clause:
Provision in a contract which outlines damages to be paid to the non-cancelling party if cancellation occurs, due to the cancelling party’s breach of contract.
Casualty Insurance
A type of insurance that is primarily concerned with the legal liability for losses caused by injury to persons or damage to the property of others. Primarily used in North America
Certificate of Insurance
A document provided by an insurance company as proof that a policy has been issued and coverage is in effect.
Due diligence
were reasonable steps taken by the event professional in order to satisfy a legal requirement.
Emergency Action Plan
Procedures about how to react and respond to an emergency situation, such as medical emergencies, fire and bomb threats.
Errors and Omissions (E&O) Insurance
A form of insurance that indemnifies the insured for any loss sustained because of an error or oversight on their part.
Fire Marshal
1) In the United States and Canada, the fire marshal is typically a member of the fire department whose duties include fire code enforcement. 2) In the United Kingdom, fire marshals are civilians trained to assist with fire evacuation procedures.
General Liability Insurance
An insurance policy that provides protection against claims involving bodily injury and property damage to third parties.
Inherently Flame-Resistant
Material that is permanently flame resistant without chemical treatment.
Marine Insurance
Broadly, insurance covering loss or damage of goods at sea. Marine insurance will typically compensate the owner of merchandise for losses sustained from fire, shipwreck, piracy, and various other causes, but excludes losses which can be legally recovered from the carrier.
Negligence
failure to use due care
Reasonable prudent person
asks did the event professional do what a reasonable prudent event professional with similar experience and training would do under the same circumstances
Rider
Additional clause in a contract stipulating special requirements
Risk Management
The ongoing process of assessing the risks that may threaten attendees, the meeting or event itself, the organizer, or partner-suppliers, and applying the appropriate measures to manage the probability of occurrence and consequences of such risks.
Security Cage
Portable wire enclosure used to lock up materials for safe storage.
Security Contractor
Company hired by exhibit or event management to keep individual exhibits and the entire event floor safe using guards, closed circuit T.V., etc.
Security Service
Service providing security arrangements, such as checking credentials, searching hand luggage, protecting equipment and patrolling congress and exhibition areas.
Stakeholder
Person(s) or organization(s) that have an impact on the success of an event or are affected by the event.
Supplemental Liability Coverage
In a car rental agreement, additional coverage for injury and damage claims by third parties beyond the amount provided automatically under the contract terms.
UL 2305
Standard for safety for exhibition display units.
Underground Hospitality Suite
Hospitality suite that is not hosted by an official sponsoring organization (liability risk).
