Live Events Re deadline looms

The application deadline for the government’s Live Events Reinsurance Scheme is less than one month away.

Covering live events that are open to the general public and physically located in the UK, the Live Events Reinsurance Scheme was designed as an indemnification scheme to protect against costs incurred “due to the event being legally unable to happen due to new government Covid restrictions”.

Commenting on the scheme, Alex Whitaker, divisional director for Contingency and Entertainment at Hyperion Adjusters says that a dearth of claims data makes it difficult to measure the degree to which the scheme has actually assisted the events and hospitality industries, but suspects that the scheme has had a limited impact.

“I note that the government has reduced the excess applicable, but the premium rate of 5% remains, which for costs only cover is very high when compared with a standard outdoor event policy that extends to include adverse weather," Whitaker asserts. “The removal of all Covid restrictions and isolation when positive has probably had a much greater impact. We understand that claims submitted from Scotland during the Omicron wave at Christmas 2021, arising from enforced reduced capacity at venues, were not covered under the wording. So again it is hard to evidence how the programme has had an impact.”

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