Events industry update
Two potentially important developments:
1. BVEP (British Visitor and Events Partnership) have just published an excellent report entitled Supporting Sustainable Growth for the UK Events Industry. Although much of it prompted by the impacts of the pandemic, I have chosen to added it to the association’s main research and reports library and not the c-19 specific section as it is more general and longer term relevance as we move into recover and toward a new normality. No suggested short-cuts on this occasion; if the subject is of interest as it should be then you will need to scan if not read the meat of the report found in two dozen of the 27 pages: https://wordpress.com/page/britishdestinations.net/18095
2. Yesterday the Westminster Government announced the substance of a DCMS administered UK wide Live Event reinsurance scheme which will run from, as I read it a launch date, yet to be finalised, until 30 September 2022 and, thus, covering much of the main 2022 season.
In outline it will be a three-tiered (by value) scheme for all manner of public (i.e. not for example for weddings etc.) events reinsurance. HMG will collect premium payments from participating insurers whose schemes meets the criteria and the detailed terms of the scheme and indemnify them for losses resulting from cancellation, abandonment, relocation and postponement resulting from (covid-19 related) UK Civil Authority restrictions. The insurance must be taken out in addition to appropriate, standard event cancellation (not necessarily with the same insurer?) at a premium set at 5% of the total sum insured. A 5% or £1k (whichever is the greater) excess will apply. Insurance must be taken out at least 8 weeks prior to commencement but there will be a 12-week window where this does not apply from the start of the scheme.
Not surprisingly the detail is complex and presented at times in impenetrable insurance industry/legal/regulatory terms. Much more will doubtless become clearer in the coming weeks and months as the insurance industry and DCMS develop the scheme and start promoting the new product alongside their standard even products to prospective event organisers. Regardless of the detail to follow, this has to be regarded as good news for events, conference entertainment (plus, plus?) public, private and third sectors providers, hosts and facilitators. Hopefully this has removed or at least gone someway to alleviate the unacceptable and, until now, largely uninsurable risks associated with covid-19 impacting upon a wide range of public “events”.
The initial details (not an easy read and as likely as not to prompt as many questions as it answers, especially among casual, non-insurance industry readers like me) can be accessed at: Outline of scheme rules (HTML version) – GOV.UK (www.gov.uk)
3. It may be prudent to add any immediate issues or questions emerging from the DCMS announcement to the agenda for our next “destination managers” meeting 1400hrs 22 September 2021? If members or indeed any appropriate guests, have not had an email invitation to attend that meeting please contact me so I can rectify the omission or consider any request to participate as a non-member guest.