Government-backed insurance scheme to give boost to events industry
The live events sector (including dance and theatre events) is set to get a boost with a government-backed insurance scheme worth over £750m.
Rishi Sunak announced the government has partnered with Lloyd’s to deliver the Live Events Reinsurance Scheme as part of the Plan for Jobs. The scheme will see the government act as a ‘reinsurer’ – stepping in with a guarantee to make sure insurers can offer the products events companies need and will be available from September 2021 and run until the end of September 2022.
This scheme will support live events across the UK that are open to the general public and will cover costs incurred in the event of cancellation, due to the event being unable to happen due to Government COVID-19 restrictions.
A number of other insurers including Arch, Beazley, Dale, Hiscox and Munich Re are also supporting the scheme, which will provide events companies with the option of purchasing cover from next month, alongside standard commercial events insurance.