The Captive Insurance Companies Association said on Tuesday that it has settled its claim for cancellation of events with insurer Tokio Marine HCC for its International Conference 2020, which was suspended due to COVID-19.
The settled claim amount was not disclosed.
In March, the CICA suspended the conference just days before it was due to begin in Rancho Mirage, California, due to coronavirus security vulnerabilities.
CICA then filed a claim to determine whether the cancellation was covered under the three-year cancellation policy event it had purchased from Houston-based Tokyo Marine.
CICA made the decision to add cancellation insurance events for the first time in its history in 201
The organization decided to include the "transferable disease coverage" option for the annual conference, said Mr. Towle, a decision that proved "early and wise."
CICA's annual conference ce involved about a dozen contracts, from the hotel, to audiovisual experts, to a craft brewery tour and a photographer.
"No one expects a pandemic to interrupt your conference, but coverage was available to us and we decided it was wise to get it. Insurance coverage did what it was supposed to do," Towle said.
CICA was "lucky" to have purchased a comprehensive coverage, said Lance Abbott, president of BevCap Management LLC and current chairman of CICA, in the statement.  "The settlement of the claim will ensure that CICA will remain a strong, vibrant and healthy organization," Abbott said.
The CICA International Conference 2021 will be held next March 14-16 in Scottsdale, Arizona.
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