Understanding risks associated with entertainment hub projects
Understanding risks associated with entertainment hub projects | Insurance Business America
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Understanding risks associated with entertainment hub projects
New Gallagher partnership set to attract large crowds in Anaheim
Insurance News
By
David Saric
Gallagher has announced a multi-year partnership with ocV!BE to help create a central entertainment hub in downtown Anaheim, but with this endeavour comes a heightened risk management mindset to safeguard the general public, employees and contractors.
“It is a very challenging market, especially for construction projects right now,” said Chris Mead (pictured), Gallagher’s chief marketing officer.
“This venue will be open 365 days a year, which means having good risk mitigation is essential to keep things running smoothly.”
In an interview with Insurance Business, Mead spoke about what types of exposures and challenges this specific project will be facing and why working with a brokerage can help strengthen a project’s success.
“The space will have visitors at all times, which complicates things”
ocV!BE is an immersive, mixed-used district that is currently under construction in downtown Anaheim. It will consist of a restaurant, entertainment venue with a 5,700-seat capacity, a 300-person club, as well as residential and commercial spaces.
This build is slated to open in 2026 and will be anchored by the nearby Honda Center, creating a central, multi-purpose hub for entertainment.
Having been involved in similar projects in the past, including Nashville Yards and Gallagher Way in Chicago, Gallagher has experience assessing the risk profile of projects attracting a wide range of guests and onlookers.
Then, there is the risk associated with opening up a public space with patrons passing through constantly.
“The space will have visitors at all times, which complicates things,” Mead said.
There will be simultaneous construction projects around the area as business opportunities respond to increased foot traffic.
“We saw this with Wrigley Stadium in Chicago, which was only used less than 100 times a year when games were taking place,” Mead said.
“Now that the surrounding space has turned into a central hub, it’s revitalized the housing market, while other businesses and offices are moving to that part of the city as well.”
The attached concert venue will also need to have great risk management especially in lieu of potential event cancellations due to unforeseen circumstances.
“You can’t be passive about insurance anymore”
While ambitious undertakings like ocV!BE’s can stimulate the local economy and create a lively community, having a dedicated brokerage partnership is very important.
“Brokerages have a vast array of resources and can help manage issues around capacity when they’re trying to help a client,” Mead said.
In Gallagher’s case, it means tapping into its expertise in liability and risk management for construction, entertainment and other related services.
“It’s definitely a challenging time in the California marketplace, but that’s why real expertise is needed to help these projects flourish,” Mead said.
“You can’t be passive about insurance anymore, especially with complicated builds like this.”
A partnership like this also helps reaffirm the insurance industry’s commitment to the communities it serves.
“It’s more than just having a public sponsorship, it also shows how brokerages are dedicated to building and sustaining the communities and people they are dedicated to,” Mead said.
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