by Jennifer Nicole Dienst | March 01, 2008

Global Events Partners, the destination marketing firm consortium based in Washington, D.C., has established new risk management standards for its 28 member DMCs based in the United States.

As of January, GEP partners must meet the following mandates:

* Maintain certificates of insurance with suppliers for up to $1 million in liability;

* Require suppliers to name GEP DMCs as additionally insured;

* Conduct annual meetings with suppliers to review insurance agreements; and

* Require a signed supplier agreement asserting compliance with all applicable laws and regulations.

GEP plans to broaden the standards to apply to its 37 international members in the future.

The company’s move reflects the industry’s growing emphasis on the adoption of insurance standards. The Association of Destination Management Executives, based in Dayton, Ohio, requires candidates for its year-old Destination Management Company Accreditation program to meet key risk management standards. At press time, 24 companies had been accredited, and the group anticipates 24 more member DMCs to be certified this spring.