Whilst the details surrounding the program are being finalised, we welcome questions and enquiries from our clients and other interested parties. In the run up to the inception of the scheme, we will continue to work with stakeholder groups and other relevant organisations.
We understand the placement is due to launch in September 2021 and will run for 13 months with a review in the spring 2022. Expense costs incurred backdated to 1st June 2021 can be included in the sum insured covered by this specific protection. The scheme wording will be designed to cover incurred costs and expenses resulting from a civil and local authority shutdown caused by COVID-19. The cover will be added by endorsement or extension to an event cancellation policy and the indicated cost of the added protection is 5% of the chosen sums insured.
Currently, the scheme does not cover cancellation as a result of operating restrictions such as social distancing and in the event of a claim we understand there will be an excess of 5% or £1,000 per claim, whichever is the greater.
The details of onboarding to the scheme have not yet been released and we will provide a further update when we have further information.
Mark Clayton, Managing Director InEvexco Ltd, commented, “this is a historic moment as the UK Government support the UK insurance market to provide much needed insurance cover. The protection proposed is likely to support growing confidence in the return of the UK’s exhibition and business event sector alongside live music. It also recognises the importance of events to the UK economy as it receives the first insurance based Covid-19 protection."