Victoria’s Covid event insurance kicks off

Australia’s first Covid-19 event insurance for events has launched today in Victoria.

The 12-month scheme will provide a 100 per cent payout for the cost of events that are forced to cancel due to public health orders from either the Victorian or Commonwealth government. If health restrictions reduce event capacity, 50 per cent of the declared value of the event is payable.

The policy covers events with revenue or costs ranging from $20,000 to $10 million.

“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,” said Danny Pearson, Minister for creative industries.

The COVID-19 Event Insurance will be delivered by the Victorian Managed Insurance Authority.

Martin Pakula, Minister for tourism, sport and major events, said the state was backing its events industry “to bounce back strongly”.

“Melbourne is Australia’s major events capital and every concert, theatre production or sports game helps to boost our economy and create jobs,” he said.