Government announces £750m insurance scheme for festivals and live events
09 Aug 2021
Published in: Black Country Chamber of Commerce News
Government announces £750m insurance scheme
Government announces £750m insurance scheme so festivals and live events can restart with confidence in bid to avoid second lost summer of fun due to Covid
The Government has announced a £750 million insurance scheme so festivals and live events can restart with confidence in a bid to avoid a second lost summer of fun due to Covid.
Industry figures have been calling for such a scheme to help them recover from the pandemic and be able to plan events without the risk of a coronavirus outbreak leaving them out of pocket.
Many organisers have found that insurers would not cover them for cancellations caused by Covid.
But the Government announced it has partnered with Lloyd's to deliver the Live Events Reinsurance Scheme as part of the Treasury's Plan for Jobs. The Government will act as a 'reinsurer' and offer a guarantee to make sure insurers can offer products to cover organisers if state restrictions shut events down.
The scheme will cover the live events sector, which the Treasury said was worth more than £70 billion annually to the economy and supports more than 700,000 jobs and is due to be available from next month alongside standard commercial events insurance.
Chancellor Rishi Sunak said: "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.
"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."
Culture Secretary Oliver Dowden added: "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."
The scheme will be available from September and run until the end of September 2022.
Post A Comment
You must be logged in to post a comment. Please click here to login.