Live events to be covered by Government-backed £750m insurance scheme
The Live Events Reinsurance Scheme is being delivered with a partnership with Lloyds of London
Live events are set to be covered by a Government-backed £750 million insurance scheme in a bid to stop a second summer of mass cancellations due to coronavirus.
Industry figures have been calling for such a scheme to help them recover from the pandemic and be able to plan events without the risk of a Covid-19 outbreak leaving them out of pocket.
Many organisers have found that insurers would not cover them for cancellations caused by coronavirus.
But the Government announced it has partnered with Lloyd’s to deliver the Live Events Reinsurance Scheme as part of the Treasury’s Plan for Jobs.
The Government will act as a ‘reinsurer’ and offer a guarantee to make sure insurers can offer products to cover organisers if state restrictions shut events down.
Published: by Radio NewsHub