The government has published details on the Live Events Reinsurance Scheme announced in July. The £750 million fund protects against costs incurred should an event be cancelled due to government Covid restrictions.
The scheme will cover live public events in the UK. In order to qualify, organisers must also have event cancellation coverage provided by a participating insurer. The premium is set at 5% of the total value of insured costs plus insurance premium tax and claims will be subject to an excess of 5% of the value of the insured costs or £1,000, whichever is higher. Event organisers can purchase cover up to the full cost of their event, irrespective of when those costs are incurred.
Cover must be purchased at least eight weeks prior to the event taking place, although this will not apply for the first 12 weeks of the scheme.
The scheme will not cover loss due to lower demand for tickets or venue capacity, and doesn’t cover self-isolation of staff or performers. It will cover a limited run of linked events, provided that the organiser specifies which event dates require cover and how much cover they are purchasing for each.
Running to 30 September 2022, with a review point in Spring 2022, cover will be available to purchase through participating insurers.