Without the government providing financial support, theatres and live events venues can no longer get commercial insurance.
Insurance Journal has reported that British theaters and live music venues will only be able to keep their doors open if the government provides financial support, as the global pandemic means they can no longer get commercial insurance.
Read the full story HERE.
Theatres and concert venues in the UK have been staging socially-distanced events since August, however only a few have officially opened, with many citing insurance as one of the barriers; underwriters have been excluding COVID-19 from the cover they provide.
James Davies, head of contingency and entertainment at insurance broker EC3 stated:
“You’re not going to get a sponsor, full-house ticket sales, finance, TV licensing or big stars unless they are guaranteed.”
“The one thing no one can get insurance for at the moment is COVID,” said Phil Bowdery, chair of the Concert Promoters’ Association.
“We’ll take care of all the normal insurance – we are asking for the government to be a partner.”
Organizers of live performances in the UK are looking for a scheme similar to the 500 million pound ($661 million) deal the British government has provided for the film and TV industry.
The Department for Digital, Culture, Media and Sport said in an emailed statement on Monday:
“We are working to get the scheme (for the film and TV industry) open for applications as soon as possible and we have committed to cover eligible losses from the date the scheme was announced,”
Check out the full story HERE.