Government-backed insurance boosts events industry
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The news comes after many months of campaigning by the events sector and the wider music industry for the introduction of such a scheme. However, it comes too late for many, with over fifty per cent of scheduled festivals – both large and small – cancelled or postponed.
The government has partnered with Lloyd’s to deliver the Live Events Reinsurance Scheme as part of the Plan for Jobs. The scheme will see the government act as a ‘reinsurer’ – stepping in with a guarantee to make sure insurers can offer the products events companies need.
This scheme will support live events across the UK that are open to the general public - such as music festivals and business events. It will cover