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£750 million Government-backed insurance scheme for the Events Industry, including Conferences & Meetings.

26 Aug 20212m read

The live events industry including the conference and meetings market is get something of a boost with the launch of an insurance scheme worth over £750 million, see here

The exact details of the scheme still seem unclear however this is what we do know:

  • The scheme will start from September 2021 and run for a year.
  • There will be no limitation on the costs which can be claimed per event.
  • Scheme participants will be responsible for covering an agreed portion of their losses (i.e. the ‘excess’). The excess will be deducted from the sum total of a claim, and the remaining costs will be apportioned between the Government and insurers in accordance with an agreed risk share arrangement.
  • Government and insurers will initially pay 95% and 5% of the costs respectively, but the Government’s share of each claim may increase to 97% and eventually 100% as more sums are paid out under the Scheme. In other words, insurers’ total exposure is capped – upon incurring a specified amount of losses, the Government will cover them in full
  • the announcement states that costs will be covered “in the event of cancellation due to [an] event being legally unable to happen due to Government Covid restrictions.”

For more details the lawyers Clifford Chance have issues quite a useful note see HERE

Since writing this blog the government has issued amended advice see HERE HOWEVER we have spoken to 2 of the insurers named on the .gov website, they say they are still waiting for information from the government, catch 22!  

 

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