The Victorian Government has announced a new Covid-19 event insurance product to give event organisers the confidence to plan and stage future events.
The 12-month scheme, subsidised by the Government and delivered by the Victorian Managed Insurance Authority, will insure up to $230 million of events against cancellation due to public health measures, or where events have reduced capacity due to restrictions.
The scheme was launched as part of a $20 million Live Music Restart package which includes $8 million to help the events and live music sectors recover from the uncertainty and impact of rescheduled and cancelled events due to the pandemic.
A further $4 million will bring music performances to the CBD and inner-city, complementing a previously announced $5 million for regional and outer-suburban events.
Funding will be available through Creative Victoria, with application details to be announced soon.
Save Victorian Events welcomed the announcement saying they had worked hard to make sure that insurance was a strong focus of the Victorian Parliamentary Inquiry into the Tourism and Events Sectors.
“Not being able to insure against the risks of cancellation due to Covid has been a key thing holding many people back from organising events as a last minute cancellation of an event can be financially devastating as we all know,” said Save Victorian Events spokesman Simon Thewlis.
“We know we will be living with the risks of Covid for years to come and that commercial insurers are very unlikely to cover Covid risks for the foreseeable future.
“As with all things, the key thing will be the detail of the policies and the costs of the premiums, so we will be able to comment more once the costs and finer details are finally released – which they say will be in December.
“Obviously, we are a national industry and most of us work right across Australia, so hopefully this will cause other states to also put in place similar schemes for events in their states. Or, better still, for the Federal government to coordinate a national scheme for the long term.”