If any philanthropic individual; cooperative, corporation, club, association or organization; or director, trustee or member of the governing body of any such cooperative, corporation, club, association or organization; supplies only financial sponsorship or support for another entity’s charitable fundraising event and is not, in any way, involved in the management, organization, planning or execution of such event, and if the entity managing, organizing, planning or executing such charitable fundraising event provides liability insurance in an amount not less than one million dollars ($1,000,000) for any single occurrence and three million dollars ($3,000,000) for all occurrences of personal injury or property damage arising from such event, then such individual, cooperative, corporation, club, association, organization, director, trustee or member shall not be liable for any personal injury or damage to property arising from the other entity’s charitable fundraising event. However, if such financial sponsorship or support constitutes willful, wanton or gross negligence, then such immunity from suit shall not attach.