The live events sector is getting a boost with a Government-backed insurance scheme worth over £750 million to help them plan events with confidence through to the next year, Chancellor Rishi Sunak has announced.
As part of the Government's ‘plan for jobs', the live events reinsurance scheme will see the Government act as a ‘reinsurer', where they will step in with a guarantee to make sure insurers can offer the products events companies need.
While the Treasury said the UK "can learn to live with COVID-19 without the need for strict economic social restrictions", the scheme will cover costs of live events cancellation if it were legally unable to happen "due to Government COVID-19 restrictions".
Culture secretary Oliver Dowden said:
"We've been here for live events throughout the pandemic with billions of pounds of rescue funding.
"Today is an important next step as we develop live events insurance to give them the confidence they need to plan for a brighter future."
The scheme came too late for some live events such as the World of Music, Arts and Dance, Boomtown and Deer Shed festivals, however, which were cancelled earlier this year due to a lack of Government-backed insurance schemes at the time.
The scheme will be available from September 2021 until the end of September 2022.
Talk to us about the live events reinsurance scheme.