As valued association partners of Bostrom, we appreciate the trust you place in us. Recognizing the ongoing and increased uncertainty that coronavirus (COVID-19) is causing, our highest priority is the health and well-being of our clients, members, stakeholders, and employees. With that in mind, we want to update you on the actions we have taken in response to the outbreak and the impact and response to managing through these challenges.
Along with the rest of the world, we are monitoring the changing dynamics of COVID-19 and the ensuing financial market response utilizing our network of partners in the event and hospitality, insurance, and financial management industries. In addition, we are working with technology partners on alternatives to live meetings and engagement strategies to overcome the loss of networking, sponsorship, and collaboration our clients may experience.
Every board, conference, trade show, summit, and retreat is being looked at on a case by case basis with your account executive, meeting planner and Senior Advisor. For those clients with meetings between now and Sept. 30, 2020, your Account Executive and Meeting Manager have been tasked with creating a grid with key decision dates (based on existing contracts and deposit due dates) and related financial commitments. These decision making matrices will allow us to help you fully understand the impact decisions may have on canceling, postponing or moving forward.
Further, we have created a more flexible Force Majeure clause to be included in future hotel and venue contracts to attempt to protect our clients further. The revised language adds more flexibility to cancellations and postponement situations.
This is an opportune time to review investment policies including cash reserve targets with investment advisors to ensure decisions made follow your organization’s policies. Your account executive can facilitate these reviews with your investment advisor.
The health & well-being of our clients and employees
We are closely monitoring developments around the world and are following global organizations including the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC) and relevant authorities for country-specific requirements, to ensure the actions we take are relevant and thorough.
Internally, we have established a 24/7 notification system to communicate with our staff. Our technology platforms are prepared for staff to work remotely while continuing to provide uninterrupted service (answer phones, transfer calls, respond to emails) to our clients and your members, certificants and other stakeholders. Your Account Executive is meeting with the staff team to plan and prepare for a potential work-from-home situation so it occurs seamlessly and projects remain on schedule.
Our client teams pride themselves on providing agile association management practices and this will be tested more than ever during this time. Thank you for the trust and support you have in us and we look forward to working together through this time of change, challenge and contemplation.
In the meantime, if you have any questions, please contact your Account Executive or Senior Advisor who will be able to support you further.