Risk Managment

Question 1

Additional Insured

Answer 1

An individual or organization listed as covered by a primary insurance agreement.

Question 2

All-Risks Insurance

Answer 2

Insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded.

Question 3

Attrition

Answer 3

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.

Question 4

Automated External Defibrillator (AED)

Answer 4

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.

Question 5

Blue Laws

Answer 5

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

Question 6

Cancellation clause:

Answer 6

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.

Question 7

Casualty Insurance

Answer 7

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

Question 8

Certificate of Insurance

Answer 8

A document provided by an insurance company as proof that a policy has been issued and coverage is in effect.

Question 9

Due diligence

Answer 9

were reasonable steps taken by the event professional in order to satisfy a legal requirement.

Question 10

Emergency Action Plan

Answer 10

Procedures about how to react and respond to an emergency situation, such as medical emergencies, fire and bomb threats.

Question 11

Errors and Omissions (E&O) Insurance

Answer 11

A form of insurance that indemnifies the insured for any loss sustained because of an error or oversight on their part.

Question 12

Fire Marshal

Answer 12

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.

Question 13

General Liability Insurance

Answer 13

An insurance policy that provides protection against claims involving bodily injury and property damage to third parties.

Question 14

Inherently Flame-Resistant

Answer 14

Material that is permanently flame resistant without chemical treatment.

Question 15

Marine Insurance

Answer 15

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.

Question 16

Negligence

Answer 16

failure to use due care

Question 17

Reasonable prudent person

Answer 17

asks did the event professional do what a reasonable prudent event professional with similar experience and training would do under the same circumstances

Question 18

Rider

Answer 18

Additional clause in a contract stipulating special requirements

Question 19

Risk Management

Answer 19

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.

Question 20

Security Cage

Answer 20

Portable wire enclosure used to lock up materials for safe storage.

Question 21

Security Contractor

Answer 21

Company hired by exhibit or event management to keep individual exhibits and the entire event floor safe using guards, closed circuit T.V., etc.

Question 22

Security Service

Answer 22

Service providing security arrangements, such as checking credentials, searching hand luggage, protecting equipment and patrolling congress and exhibition areas.

Question 23

Stakeholder

Answer 23

Person(s) or organization(s) that have an impact on the success of an event or are affected by the event.

Question 24

Supplemental Liability Coverage

Answer 24

In a car rental agreement, additional coverage for injury and damage claims by third parties beyond the amount provided automatically under the contract terms.

Question 25

UL 2305

Answer 25

Standard for safety for exhibition display units.

Question 26

Underground Hospitality Suite

Answer 26

Hospitality suite that is not hosted by an official sponsoring organization (liability risk).