The Government and Lloyds have partnered together to introduce the Live Events Reinsurance Scheme. The purpose of this scheme is to provide support for live events in the UK that are available to the general public. For example, this would include:
- Music festivals
- Business events
- Theatre performances
- Comedy events
The scheme will cover costs incurred from events that are legally obliged to cancel due to Government Covid restrictions. In this scheme, the Government will act as the ‘reinsurer’ as they will step in and guarantee that insurers can offer the products that events companies need. The scheme will be available from September 2021 and will end at the end of September 2022.
What does this mean for the events industry?
The introduction of this insurance scheme will allow the events industry to start planning events without having to worry about the event being cancelled at a later date if the government reinforces Covid-19 restrictions. In turn, more event organisers will have the confidence to start event planning which will bring more money into the UK economy.
Industry experts have welcomed the news of this new insurance scheme, however, some have questioned the timing of the introduction and asked why the scheme wasn’t introduced earlier.
How can we help?
Hawsons has a dedicated team of specialist leisure and hospitality accountants in Sheffield, Doncaster, and Northampton.
As the sector continues to become ever more challenging, with changes in fierce global, national and regional competition leading to unrelenting pressures to maintain margins, it is more crucial than ever to seek sound and proactive advice.
At Hawsons our dedicated team offer professionals advice and guidance that is tailored to our clients individual needs and requirements, providing a full range of proactive services.
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