Launch of COVID-19 insurance brings certainty to events
Aiming to help more performers and event industry professionals return to work, the Victorian Government has today launched Australia’s first COVID-19 event insurance.
The 12-month scheme, which commences from today, offers cover for creative, sporting, business and community events with revenue or costs ranging from $20,000 to $10 million.
Developed in consultation with the events industry, the $230 million insurance product offers certainty to event providers, with policies providing a 100% payout if cancellation is forced due to public health orders from either the Victorian or Commonwealth government.
Where events have reduced capacity because of health restrictions, 50% of the declared value of the event is payable.
The premium is 2% of the declared event value for creative industry events and small events up to $100,000, with larger events including sports, business and community events paying a 4% premium.
Available from today (15th December 2021) the scheme will be delivered by the Victorian Managed Insurance Authority - the Victorian Government’s insurer and risk adviser.
Introducing the product, Victorian by Minister for Creative Industries, Danny Pearson stated “this innovative Australian-first insurance product delivers confidence and certainty for event organisers, who deliver the festivals, conferences, sport and community events that make us the nation’s event capital.”
The insurance measure is in addition to the Victorian Government’s $20 million Live Music Restart package which is propelling music festivals and shows back on stage across the state.
Eligible event organisers can apply through a simple online process. For more information and to apply, go to www.vmia.vic.gov.au/event
Image shows the St Kilda Ironman Melbourne 70.3 event. Courtesy of AMPSEA.
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