A Government-backed insurance scheme will support the events and hospitality sector recover in the wake of the coronavirus pandemic, it has been revealed.<\/p>\n
<\/p>\n
The report comes after the announcement of the \u00a3750 million Live Events Reinsurance Scheme developed in collaboration with financial services provider Lloyds.<\/p>\n
Launching in September 2021, the uncapped cost indemnification scheme will cover a \u201cwide array of live events\u201d at risk of disruption due to Covid-19.<\/p>\n
The initiative comes in response to concerns that the live events industry is still struggling to access the insurance products they need to run a safe and secure event, despite restrictions being lifted earlier this year.<\/p>\n
Under the scheme, the Government will guarantee policies to ensure businesses have access to the cover they need, such as standard commercial events insurance and cover for Government-enforced cancellation due to the event being legally unable to happen.<\/p>\n
It will run for 12 months until the end of September 2022.<\/p>\n
Commenting on the initiative, Chancellor of the Exchequer Rishi Sunak said the scheme will help businesses \u201cplan events with confidence\u201d.<\/p>\n
\u201cThe events sector supports hundreds of thousands of jobs across the country, and I know organisers are raring to go now that restrictions have been lifted,\u201d he said.<\/p>\n
\u201cBut the lack of the right kind of insurance is proving a problem, so as the economy reopens I want to do everything I can to help events providers and small businesses plan with confidence right through to next year.<\/p>\n
\u201cWith this new insurance scheme, everything from live music in Margate to business events in Birmingham can go ahead with confidence, providing a boost to the economy and protecting livelihoods through our Plan for Jobs.\u201d<\/p>\n
Jamie Njoku-Goodwin, Chief Executive of UK Music, welcomed the scheme, adding that the inability to obtain insurance has been \u201ccatastrophic\u201d for the sector.<\/p>\n
\u201cWe are extremely grateful to Government for listening to the calls of the sector and delivering a solution to the market failure in the insurance industry.\u201d<\/p>\n
According to the latest statistics, the live events sector is worth more than \u00a370 billion annually and employs some 700,000 people.<\/p>\n
For help and advice with related matters, please get in touch with our expert team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" A Government-backed insurance scheme will support the events and hospitality sector recover in the wake of the coronavirus pandemic, it has been revealed.<\/p>\n","protected":false},"author":2,"featured_media":4249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,56,31,60,79,112,101,99,109,86,50,120,121],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4247"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4247"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4247\/revisions"}],"predecessor-version":[{"id":4248,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4247\/revisions\/4248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4249"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}