UK gets £750m government-backed COVID insurance for festivals & live events

UK gets government-backed COVID insurance scheme for live events industry

UK festivals and live events finally have a COVID-insurance scheme in place should they have to cancel due to government-imposed COVID restrictions. The £750M cancellation safety net was recently announced by UK Chancellor Rishi Sunak.

The Treasury said: “This scheme will support live events across the UK that are open to the general public. It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to government Covid restrictions.”

Whilst this is obviously good news for UK festivals looking into 2022, government figures such as Julian Knight, the Conservative chair of the DCMS, have said it’s ‘too little too late’ for this summer.

When defending the new scheme Rishi Sunak said: “What we’ve always said for live events is, ‘if insurance is the last barrier to them reopening, then we would look to try and work with the industry to create a product’,” he told NME. “Now that we’ve got stage four, it is indeed the last barrier – so I’m delighted that we’ve been able to do it.”

Sunak went on to say: “What gives me confidence about the future, and hopefully gives others confidence as well, is first and foremost the vaccine roll-out. Creating that wall of defence through the vaccine should give us all a bit of optimism. We’ve also been running research events and pilots and getting the findings from that. Our collective desire is finding a way to actually maintain all of these things without having to impose what are difficult economic restrictions.”

See more on the UK Government’s website here.

Header image: We Are FSTVL.

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