IMPORTANT SURVEY ON GOVERNMENT INSURANCE SCHEME
12 August 2021
You will no doubt be aware of the recent announcement of a government backed insurance scheme for Covid cancellation cover, a summary of which is below. Whilst we welcome the acknowledgement by government that market failure of this insurance is a significant issue, there are many aspects of the scheme which continue to raise major concerns across the sector – these are outlined in the introduction to the survey.
We are being asked by ministers to feedback on the reaction to and likely take up or otherwise of the scheme so would ask producers and venues to complete this survey by 5pm on 18th August.
Key Aspects of Insurance Scheme
- A reinsurance model arranged through your broker and substantially underwritten by government.
- Available for event organisers for live events in the UK which are available predominantly to members of the public
- Available as a bolt-on to other cancellation policies covering cancellation, postponement, curtailment or abandonment.
- Operating for events scheduled to take place from a date tba in September 2021 to the end of September 2022.
- Only applies if there is cancellation as a result of the introduction of new UK Civil Authority Restrictions (e.g. lockdown) relating to Covid-19. Does NOT cover either restrictions to capacity (social distancing) or cancellations due to self-isolation.
- Premium charged of 5% + IPT of the total sum insured on top of other standard cancellation insurance costs. Excess will be greater of 5% or £1,000.
To reduce duplications and partly completed responses, please feel free to download the questions before completing online. If you have any questions about the survey, please email firstname.lastname@example.org