The government has announced that it has backed an insurance scheme in partnership with Lloyd’s worth over £750m to give a boost to the live events sector.
The scheme will be available from September 2021 and run until the end of September 2022.
The new partnership with Lloyd’s to deliver the Live Events Reinsurance 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.
Furthermore, this scheme will support live events across the UK that are open to the general public, such as music festivals and business events. It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to Covid-related restrictions.
A number of insurers in the Lloyd’s market, including Arch, Beazley, Dale, Hiscox and Munich Re are also showing their support for the scheme and will provide events companies with the option of purchasing cover from next month, alongside standard commercial events insurance.
Rishi Sunak, chancellor of the exchequer, said: “The events sector supports hundreds of thousands of jobs across the country, and I know organisers are raring to go now that restrictions have been lifted.
“But the lack of the right kind of insurance is proving a problem, so as the economy reopens I want to do everything I can to help event providers and small businesses plan with confidence right through to next year.”
He added: “We have some of the best events in the world here in the UK – from world-famous festivals to your local fair. With this new insurance scheme, everything from live music in Margate to business events in Birmingham can go ahead with confidence, providing a boost to the economy and protecting livelihoods through our Plan for Jobs.”