The UK government has officially launched its £800 million Live Events Reinsurance Scheme to cover live events from costs incurred due to COVID-19-related cancellation.
The scheme, which was first announced in August, is designed to provide coverage for events such as concerts, festivals, conferences, and business gatherings that are at risk of being cancelled or delayed because of lack of COVID-19 cancellation insurance.
Under the scheme, the government will act as a reinsurer, which will provide a guarantee to enable insurance firms to offer coverage that events companies need. The scheme will run until the end of September next year.
“The pandemic has been a unique challenge to live events, from gigs to business conferences,” said Culture Secretary Nadine Dorries. “It’s a huge relief that so many are now back up and running, but it is crucial that they can also plan for the future with confidence and this scheme helps them do exactly that.”
“The events sector supports hundreds of thousands of jobs across the country and as the economy reopens, we’re helping events providers and businesses plan with confidence right through to next year,” Chancellor of the Exchequer Rishi Sunak added. “It’s great to launch the scheme, giving our fantastic events sector a boost, helping the economy, and protecting livelihoods through our Plan for Jobs.”
Meanwhile, Michael Hirst OBE, chair of the Events Industry Board, described the Live Events Reinsurance Scheme as a “much-needed boost” to event organisers.
“Both business and leisure events are set to play a major role in the recovery of the UK economy and event organisers are eager to take advantage of growing demand and optimise business opportunities,” he said.
Sheila Cameron, chief executive of Lloyd’s Market Association lauded its members that have worked with the government to ensure that the “live events sector has the confidence to re-open and create value for our economy.”
“The live events reinsurance scheme demonstrates the innovative spirit for which the Lloyd’s market is globally renowned,” she said. “Lloyd’s syndicates remain resolute in designing creative solutions, such as the live events reinsurance scheme, that will give the events sector the confidence to realise its ambitions.”
Interested insurance providers, managing agents, and MGAs can access the full eligibility requirements and application procedures via the UK government’s official website.