The UK Government has confirmed that a £750m insurance scheme designed specifically for the events industry has been made available.

As the economy reopens with the lifting of Covid restrictions, insurance has proved a sticking point for many event organisers.

The UK Government has partnered with Lloyd’s to deliver what it calls the Live Events Reinsurance Scheme as part of its Plan for Jobs. The scheme will see the UK Government act as a ‘reinsurer’ and will step in with a guarantee to make sure insurers can offer the products events companies need.

The UK Government said the scheme will support live events across the UK that are open to the general public, such as music festivals and business events. It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to Government Covid restrictions.

Before the pandemic took hold, the events industry was worth more than £70bn annually to the economy and supported more than 700,000 jobs, including small businesses and the self-employed.

A number of insurers in Lloyd’s market, including Arch, Beazley, Dale, Hiscox and Munich Re are supporting the scheme which will provide events companies with the option of purchasing cover from next month, alongside standard commercial events insurance.

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