U.K. GOVT OFFERS INSURANCE SCHEME FOR LIVE EVENTS

The U.K. has responded to the live industry’s call for state-backed insurance for events. Announced today, the scheme is worth more than £750m and will cover costs incurred as a result of cancellation due to COVID restrictions.

In partnership with Lloyd’s, the government will deliver a Live Events Reinsurance Scheme that will see it act as a "reinsurer." The arrangement, which aims to support live events like festivals, means the government will step in with a guarantee to make sure insurers can offer the products events companies need.

Event producers can purchase the coverage starting next month, alongside standard commercial insurance, through September 2022.

“As the economy reopens," said Chancellor of the Exchequer Rishi Sunak, "I want to do everything I can to help events providers and small businesses plan with confidence right through to next year.”

Jamie Njoku-Goodwin, Chief Executive of UK Music, called the development “incredibly welcome news,” continuing, “We are extremely grateful to the government for listening to the calls of the sector and delivering a solution to the market failure in the insurance industry."