Cancelled Events – What’s Happening and How Does it Impact Insurance?
The pandemic that put our livelihood on hold. After listening to the latest government statistics it looks like we are at the start of a very long battle. With global cases just under 5 million, it is clear that this virus isn’t going anytime soon. Now it’s more crucial than ever that we all pull together, to follow the guidelines set in place to beat this virus.
With the number of confirmed cases rising day by day, it’s no surprise that we are still being advised to follow social distancing guidelines and restrictions on travel. This has led to some of the most popular events in the world being cancelled.
We are living within times of great uncertainty. With such a vast number of us being affected by these cancellations it’s important that you get the answers you deserve.
Glastonbury Festival
Glastonbury is the UK’s most beloved festival for all age groups. The latest statement revealed that this year’s festival would be cancelled and tickets would roll over for the festival in 2021. Adding insult to injury, this year would have been the festivals 50th year anniversary.
The organisers of Glastonbury plan to allow tickets to roll over to next year. Tickets are now non-refundable for the festival, meaning some of the losses are mitigated, if only temporarily.
Tokyo Summer Olympics
The world’s largest sporting event has come to a grinding halt at the mercy of the coronavirus pandemic. Local organisers have no back-up plan, now the event is postponed by a year. If the games are unable to start on the 23 July 2021 it may be the case that this event is completely cancelled.
This news has made its mark on history, It is the first time the games have ever been postponed. However, due to the current circumstances, these steps are compulsory to keep everyone safe.
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MWC Barcelona-Mobile World Congress
One of the world’s largest annual trade shows, MWC Barcelona-Mobile World Congress has also been cancelled. The event was due to start on February the 24th. Popular throughout the mobile communications industry, this tradeshow gave world-leading brands, such as LG and Nokia, the opportunity to reveal new products and build excitement around launch dates.
Many of these companies pulled out of the show, forcing the organisers to cancel the event and start the planning for future arrangement.
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Cancelling business events
Nearly all of the high profile events scheduled for this year have been postponed to the following year, whilst keeping tickets valid. If you have an event planned for this year that is now no longer looking likely, you may wish to do the same.
A lot more goes into the planning of the events than the price of the ticket. There’s venues, catering, entertainment, accommodation and more to consider. Your weeks, even months of hard work may look like a colossal waste of time and financial implications might be simply staggering.
Fortunately, if you’ve taken out event cancellation insurance, you can be compensated for any financial losses incurred due to a cancelled, disrupted or postponed event. Provided that the reasons for cancellation are beyond your control, a good policy should cover you for the full cost of the event. In the case of coronavirus, this is likely the case. However, it’s important to check with your insurance provider to see if this falls within the terms of your policy.
Additionally, if you were due to attend an event elsewhere, you might be covered for travel costs by your business travel insurance. It can cover cancelled flights (many airlines have been cancelling flights in the wake of the outbreak). Some policies also cover cancellation and curtailment costs, if you have had to cancel or cut short your business trip to an event.
Event cancellation insurance
If you have event cancellation insurance included in your policy you may just be protected from financial losses. However, this does not apply in every case. Event cancellation policies generally provide cover for loss of revenue or expenses incurred by an organisation from the cancellation. To find out if your losses are covered please contact your insurance provider or broker today.
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