It was recently announced that the live events industry is to receive a government-backed insurance scheme worth over £750 million, in the hopes of boosting confidence in the planning of live events through to next year.
Government insurance scheme covers costs of cancellations
The government has partnered with Lloyd’s to deliver the ‘Live Events Reinsurance Scheme’ with a guarantee to make sure insurers can offer the products events companies need.
Events companies can organise events knowing the government insurance scheme will cover the costs incurred if a cancellation occurs due to legal implications i.e. lockdown measures being reinstated.
There is no cap on the costs that can be claimed per event and the government insurance scheme will be available from September 2021 to the end of September 2022.
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.
Live events revival
If you were eager to start organising events but turned off the idea due to the uncertainty of its ability to go through, then this should give you the safety net you need to go out and take a chance.
Events can be a cornerstone for economic stability in the UK and having something to fall back on should encourage event organisers.
Isle of Wight festivals and events contribute well over £45 million to the Island’s economy each year, so this scheme will give some stability to our economy.
The live events industry has been long overdue for a package of government aid having been hard hit by COVID. Now event organisers can proceed with some level of financial confidence to get back to planning events.
If you’d like to read more on the state of the events industry then take a look at some of our other blogs. Or get in touch below to see how we can help boost ROI this event season.
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