Covid Event Cancellation Insurance: Premium set at 5.6% of Event Cost

Crowd at an event
Photo: Getty Images

The government has published the rules for the Live Events Reinsurance Scheme:
• Eligible Events are those generally available to the public, located in the UK and scheduled to take place before 30 September 2022
• It protects against an event not being able to legally take place due to new government Covid-19 restrictions
• Cover will be for costs, subject to a 5% or £1,000 excess, whichever is the higher
• The premium will be 5% plus Insurance Premium Tax
• The cover is only available where the event is also insured for standard event cancellation insurance
• The scheme is to be reviewed in Spring 2022

Event Insurance Company CoverMarque first wrote to the government requesting them to back this type of insurance last August, and is delighted that this insurance will now finally be available. “It will provide event organisers with the financial security to go ahead and arrange their events,” says managing director Nick Drew. “It is fantastic for them and for all of the suppliers of infrastructure and services to those events.

“CoverMarque also arranges the insurance for hundreds of temporary structure hirers and mobile toilet companies, and they are so dependent on live events”.
If you would like a quotation for Event Cancellation Insurance, including cover for Covid-19 restrictions, then please complete CoverMarque’s online enquiry form accessible from its website homepage, or visit the team at the Showman’s Show where CoverMarque hosts the Temporary Structures Suppliers’ Pavilion.
01962 774421, insurance@covermarque.com, www.covermarque.com

 

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