Events professionals are being urged to write to their MPs, specifically detailing how a £650 million event insurance fund could help the industry to plan for future events and festivals.
Tysers, the event insurance specialist, supported by a number of organisations and associations, including LIVE, PSA, AFO, AIF, CPA, NAA and MVT, have put a proposal to Government to help underwrite COVID cancellation cover, which insurance providers will not provide because of the risk of further COVID-19 restrictions.
The proposal document – UK Live Music COVID-19 Reinsurance – has been authored by Tysers and asks for a £650 million insurance fund to be put in place, which would allow in excess of £2 billion in business to go ahead.
The fund would provide confidence to the event and festival market and cover promoter/organisers forced to cancel because of UK civil authority shutdown, for example.
Tim Thornhill, director of Tysers, explained that the proposal has been in the planning since August and is now in front of the Department for Digital, Culture, Media and Sport. It is believed that informal conversations are taking place. But, added pressure from industry could move the conversation higher up the agenda.
“Insurance is a key way to get confidence back,” Thornhill told Stand Out.
Tysers was instrumental in the Government-backed Film and TV Production Restart Scheme, which gives TV and film productions access to a £500 million compensation scheme for future coronavirus-related losses, including filming delays from illness amongst the cast and crew.
It hopes that a similar scheme would restore confidence in the sector and encourage organisers to plan for events and festivals in 2021.
To find out more about the UK Live Music COVID-19 Reinsurance proposal, contact Tim Thornhill, who is leading on the project.
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