Good news – as details of Government’s Scheme on Live Events Reinsurance announced
28th September 2021
We are pleased to advise that Government has announced its Live Events Reinsurance Scheme t is now up and running. It will support live events across the country — such as music festivals, conferences and business events — that are at risk of being halted or delayed due to an inability to obtain COVID-19 cancellation insurance. Cover will be available to purchase alongside standard commercial events insurance for an additional premium.
The Live Events Reinsurance Scheme is a cost indemnification scheme which protects against costs incurred if the event is legally unable to happen due to new government COVID restrictions.
The scheme will cover live events that are open to the general public and are physically located in the UK. This includes live music events, festivals, sports events, trade shows and business events. Private events such as weddings and parties would not be covered.
In order to be eligible, event organisers must purchase the relevant cover from participating insurers within the scheme. Event organisers must also have or purchase a standard events cancellation policy (or a policy which includes event cancellation coverage) provided at least in part by a participating insurer – the cover backed by the scheme will not be offered on a standalone basis.
A number of insurers in the Lloyd’s market, including Arch, Beazley, Dale, Ark and Munich Re are supporting the scheme, and we expect more to follow. BIBA members may wish to discuss with their insurer partners the issue of becoming a ‘participating insurer’ as we are keen for more insurers to on-board in the coming weeks.
There has been a huge collaborative effort across the insurance industry on this difficult issue. BIBA, along with our specialist members, has been lobbying Government for an intervention and we welcome the new scheme.
Although commission is available on the usual events policy it will not be available on this Covid reinsurance facility. We are just clarifying with HMT if brokers will be able to charge a fee if they wish to do so.
Please read the FAQs.
Further details can be found here.
Read the press release.
More information on the wording will be advised shortly, the rules can be viewed here.
View BIBA’s Event Insurance Scheme with Beazley Group here.