Government-backed insurance scheme for the conference and meetings sector- Cost is 5% of sum insured !
£750,000,000 Government Reinsurance Scheme, for the conference and meeting sector:
Who’s Covered? How it Works?
The scheme offers compensation that has to be cancelled, postponed, relocated or abandoned due to new UK Civil Authority restrictions in response to Covid-19. It will run to 30 September 2022 with a review point in Spring next year.
All live events including music festivals, conferences and business events are eligible to purchase the cover, which will be available alongside standard commercial events insurance.
The scheme’s key features, as identified by the National Outdoor Events Association are:
- Premium is set at 5% of the total value of insured costs (plus Insurance Premium Tax). So the cost is 5% of the total value you are insuring £5 for every £100. + an excess of 5% or £1000.
- It will cover live events that are open to the general public and are physically located in the UK. This includes live music events, festivals, sports events, trade shows and business events. Private events such as weddings and parties would not be covered.
- In order to be eligible, event organisers must purchase the relevant cover from participating insurers within the scheme. Event organisers must also have or purchase a standard events cancellation policy (or a policy which includes event cancellation coverage) provided at least in part by a participating insurer – the cover backed by the scheme will not be offered on a standalone basis.
- Claims will be subject to an excess of 5% of the value of the insured costs or £1,000 (whichever is higher) per policy.
- Event organisers can purchase cover up to the full cost of their event, irrespective of when those costs are incurred.
- Cover must be purchased at least 8 weeks prior to the event taking place. This requirement will however not apply for the first 12 weeks of the scheme.
- The government’s expectation is that participating insurers will pay no brokerage in connection with the scheme and no deductions for such brokerage will be made to any premiums paid by insurers to DCMS in connection with the scheme.
- The Scheme will run to 30 September 2022 with a review point in Spring 2022. Cover will be available to purchase through participating insurers which include Arch, Beazley, Dale, Hiscox and Munich Re (more are expected to follow). Event organisers can now start approaching these insurers to discuss their cover.
For the link to the full announcement from the government see HERE
At Cavendish Venues we are very keen to participate in this scheme if any of our clients need more details etc please get in touch.
Sadly so far the scheme has been hit by mismanagement and incompetence, the body advising the government is the same as the body administering the scheme, many brokers have called out this conflict of interest, leading to delay, see HERE
At Cavendish Venues we are committed to exceeding your expectations, and with over 93% repeat business we know we're doing something right!