When COVID-19 put the lights out our service shone through

Tysers Insurance Brokers |

COVID-19 continues to have a catastrophic worldwide impact on the Music and Live Events industry.  Music festivals, concert tours, conferences, events, and award shows are still being cancelled as restrictions on public gatherings remain in place and lockdowns are enforced.

The media has been warning that more than £900million will be wiped from the UK’s music economy alone. However, as the global pandemic continues to be endured, so worldwide, the industries financial exposure will run into the billions.

Promoters, festival and event organisers, agents, venues, and production services have incurred devastating losses.

Many thousands have faced the stark realisation that their Event Cancellation Insurance policies contained an exclusion for communicable diseases.  This meant that insurance policies failed to respond to their COVID-19 claims and the financial losses confronting them were astronomical and unanticipated.

 

Our cover shone through

At Tysers our unique non-appearance and event cancellation policy wording did however provide cover to hundreds of clients. Clients were provided with valuable financial protection and were therefore able to claim, promptly receiving financial compensation.

 

Service shone through

Our claims advocates, worked tirelessly with clients and producers in submitting losses to insurers to ensure that clients would be paid as quickly as possible.

 

An Overview of the Contingency Claims Paid

320+
claims paid
£255M
estimated claims payments
64
countries
150
UK cities & towns
87
artists
94
bands
21
major sporting events
4
major worldwide festivals

 

Tysers’ Entertainment and Sport Team is spearheading the call for a government-backed insurance scheme to support the live entertainment industry decimated by Covid.

Tim Thornhill, Director of Tysers Entertainment and Sport Team, explains: “The summer of 2020 was  clearly, very different to that of 2019 but with the new government announcement on the 22nd February and the rollout of the vaccine and with public health a priority, we need a return to live events. However, the insurance industry cannot sustain a repeat of the losses of 2020 caused by the Pandemic and must be supported by government-backed Covid event cancellation insurance for a worst-case scenario.”

Click here to listen to Tim’s recent interview on Radio 4’s today programme.

 

 

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