The UK Government has clarified the details of the £750 million Live Events Reinsurance Scheme rolled out last month and stated cancellations will only be covered by newly incumbent restrictions.
The scheme was announced on August 5th, however, it is only now that the details have been clarified by the government as part of their ‘Plan for Jobs’ initiative.
The scheme itself will run until September 30th, 2022. Officially its pledge is to offer a policy for “stepping in with a guarantee to make sure insurers can offer the products events companies need.”
In the same statement it was announced: “[The scheme] delivered through insurers with event’s organisers able to purchase cover for government-enforced cancellation due to the event being legally unable to happen due to Government COVID restrictions, alongside their standard insurance.”
The scheme was introduced after many individuals and organisations in the entertainment industry found themselves footing a huge bill for having to cancel events.
The new details, however, seem to be a continuation of the same issues the first arose whereby only certain factors leading to the cancellation are covered. Essentially, civil policy decisions are insured against but self-isolation, reduced venue capacity and other factors are not.
The full government report on the Live Events Reinsurance Scheme can be found by clicking here.