The Government has confirmed that a £ 750m insurance scheme designed specifically for the events industry has been made available . The announcement was made late on the evening on 6 August by chancellor of the exchequer Rishi Sunak . As the economy reopens with the lifting of Covid restrictions , insurance has proved a sticking point for many event organisers . The Government has partnered with Lloyd ’ s to deliver what it calls the Live Events Reinsurance Scheme as part of its Plan for Jobs . The scheme will see the Government act as a ‘ reinsurer ’ and will step in with a guarantee to make sure insurers can offer the products events companies need . The Government said the scheme will support live events across the UK that are open to the public , such as business events and exhibitions . It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to Government Covid restrictions , and that is the important part to take
Insurance matters
EN editorial director Martin Fullard offers an update on the Government ’ s £ 750m event insurance scheme note . Before the pandemic took hold , the exhibitions industry was worth more than £ 11bn annually to the economy and supported more than 140,000 jobs , including small businesses and the self-employed . A number of insurers
“ It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to Government Covid restrictions .” in the Lloyd ’ s market , including Arch , Beazley , Dale , Hiscox and Munich Re are supporting the scheme which will provide events companies with the option of purchasing cover from next month , alongside standard commercial events insurance . “ 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 ,” said chancellor Sunak . “ 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 events providers and small businesses plan with confidence right through to next year . “ 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 .” The culture secretary , Oliver Dowden , added that events insurance will give organisers the confidence they need to plan for a brighter future . “ Our events industries are not just vital for the economy and jobs ; they put Britain on the map and , thanks to this extra support , will get people back to the experiences that make life worth living ,” he said . The scheme will be available from September 2021 and run until the end of September 2022 .
Above : Martin Fullard
58 — September