Government finally delivers £750m event insurance scheme
The industry was forced to cancel a raft of events including Glastonbury Festival, Boomtown and Womad after insurers backed away and the government dragged its feet on delivering alternative cover.
Brokers have welcomed the news that the government is to implement an insurance scheme for the live events sector after months of lobbying and a series of event cancellations.
Chancellor of the Exchequer, Rishi Sunak, confirmed yesterday that it had agreed a £750m scheme alongside Lloyd’s insurers including Arch, Beazley, Dale, Hiscox and Munich Re.
The Live Events Reinsurance Scheme has been developed as part of the Plan for Jobs. The scheme will see the government act as a ‘reinsurer’ –
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