Posted on Sep 27, 2021
Watkin Davies has been working with its partner The WSA (Welsh Sports Association) to deliver support on the Live Events Reinsurance Scheme. The information below shares some useful background on the scheme as well as identifying the key features. If there are any questions or queries on the Live Events Reinsurance Scheme content below, please contact the team at Watkin Davies.
The background to the Live Events Reinsurance scheme
On the 22nd September 2021 the Government launched an £800 million ($1.1 billion) insurance scheme that will support live events across the country, which are at risk of being cancelled.
The Chancellor, Rishi Sunak first announced the plans for this scheme on the 5th August, in partnership with Lloyd’s and it has come following difficulties in being able source COVID-19 cancellation insurance for events.
Over the last 12 – 18 months the UK has seen a number of events cancelled due to organisers being unable to obtain the insurance, and the Government backed reinsurance scheme will help organisers plan events with confidence through to next year.
The program follows other government initiatives to support the entertainment industry such as the Culture Recovery Fund and a scheme to protect film and TV productions from the risk of cancelation.
The Live Events Reinsurance scheme’s key features are as follows:
The scheme will not cover loss of revenue prompted by lower demand for tickets or venue capacity, and the scheme does not cover self-isolation of staff or performers. The scheme will cover a limited series, or run, of linked events, provided that the event organiser specifies which event dates from that limited series, or run, require cover and how much cover they are purchasing for each.
For more information, Watkin Davies will be able to assist and will also help with Event Cancellation cover as described above – please contact us on 02920 626 226.
For more information on the Scheme Rules please click the following link
For more information on the Live Events Reinsurance Scheme, please click the following link
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