The UK government is introducing an insurance backstop to support the live events industry as it continues to be impacted by the pandemic. The $1BN (£750M) Live Events Reinsurance Scheme will see t…
The UK government is introducing an insurance backstop to support the live events industry as it continues to be impacted by the pandemic.will see the government act as a ‘reinsurer’ – stepping in with a guarantee to make sure insurers can offer the products events companies require., which has been crucial for the creative industry while producers have found it difficult to obtain traditional insurance across the last 12 months. That scheme has supported 2.
Significant live events have been able to go ahead over the last couple of months in the UK after a year of cancellations. However, the spectre of looms large and there is understandable trepidation across the biz about staging large scale, costly events. The Reinsurance Scheme will cover costs incurred in the event of a cancellation, including if the government introduces stricter Covid restrictions.Amazon Studios In Talks About Covid Vaccine Mandate For Cast & Rest Of Zone A On All Upcoming U.S. Series
Organizers will have the option to purchase cover from next month, alongside standard commercial events insurance. There won’t be a cap on the amount that can be claimed. The idea is to provide peace of mind for events running into next year. Today, commentators welcomed the scheme but some said it came too late for the crucial summer season.
Culture Secretary Oliver Dowden said: “We’ve been here for live events throughout the pandemic with billions of pounds of rescue funding. Today is an important next step as we develop live events insurance to give them the confidence they need to plan for a brighter future.”
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