Insurance company AON Risk Solutions is refunding premiums, including commissions, for events cancelled due to the current Covid-19 restrictions.
“The great majority of policies that we place in this sector are one-off, necessitating the elicitation of the business, the issuing of the quote and the binding, invoicing and issuing of the policy,” said Phillip Sunshine, AON’s senior client manager, commercial risk solutions.
“While the work has already been done and therefore commission ‘earned’, Aon has made the decision to refund our commission entitlement.
“We recognise the losses that AON will bear along with the hundreds of thousands of dollars of revenue that will be lost by the exhibitions and business events industry. On a fundamental level, we believe it is simply the right thing to do for this industry in which we have had such a long, deep and happy involvement.”
AON will be contacting all clients who have insured events in the future to ascertain if their event is still proceeding, being postponed or being cancelled. Postponements will be updated at no additional premium.