Festival insurance scheme ‘too little, too late’ for organisers of summer events
Festival organisers have lamented after the government’s announcement of an insurance scheme comes “too little, too late” against a summer of cancelled events.
The Treasury said costs associated with the cancellation of festivals, conferences and other live events due to Covid restrictions will be covered almost entirely by the government under a new £750m scheme.
Companies will be able to purchase cover through the Live Events Reinsurance Scheme from next month, thanks to a partnership between the Treasury and Llloyd’s of London.
Organisers welcomed the scheme, which will run from September 2021 to September 2022, but said it comes too late after many summer events were cancelled earlier this year.
Night Time Industries Association CEO Michael Kill said the scheme was a promising sign that ministers were starting to acknowledge issues within the sector and would bring comfort to a sector of 700,000 people.
Kill added: “It is devastating that the timings of this scheme could not have been earlier, as we have already lost many amazing festivals and events to the uncertainty that this pandemic represents, but I feel that this scheme will allow a beleaguered sector to start to rebuild and plan with confidence for the future.”
Festivals to be cancelled include Boomtown, originally scheduled for 11-15 August, which was called off by organisers in April who said the lack of insurance meant plans represented a financial gamble.
International arts festival Womad was also cancelled with founder Peter Gabriel saying the lack of a government insurance scheme would endanger the festival’s long term future.
Continues to be devastated
London’s BST Hyde Park festival was pulled by organisers after step four of the Government’s lockdown easing roadmap was pushed back until late July while Kent festival Black Deer also had to reschedule to 2022.
Some 40,000 people attended Latitude Festival near Southwold last month (July) while revellers will be able to attend Reading & Leeds and Wireless Festival in September.
“With festivals and events being so badly affected by the restrictions put upon us it is greatly appreciated that we finally have this opportunity to have access to this insurance, it just feels too little, too late to help this year,” Gill Tee, co-founder of the Black Deer Festival explained.
“There’s still a feeling that with so many cancellations already this summer, and the knock-on effect that has had on any number of suppliers around the infrastructure of events, that the industry continues to be devastated by the delay in this announcement.”