Today, HM Treasury and DCMS have announced a government-backed insurance scheme worth £750 million to support the live events sector.
The Government has partnered with insurance firm Lloyd’s to deliver the Live Events Reinsurance Scheme. 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.
The Covid pandemic has meant that getting the right kind of insurance for events is a major barrier for some event organisers. 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 Government Covid restrictions.
A Government press release on the scheme can be accessed here.