The new transmission policy will support the event organisers who depend on technology platforms to provide transmission or broadcast to their audiences
Beazley introduces new policy covering live virtual events. (Credit: Tumisu from Pixabay.)
UK-based specialist insurer Beazley has introduced a contingency policy designed to cover event organisers in case a virtual event is disrupted or cancelled due to failure of transmission.
The company said that with social distancing rules implemented to prevent the spread of Covid-19, most of the major events have either been cancelled, postponed or being conducted online.
Beazley contingency underwriter Mark Symons said: “For a long time, many events, from business conferences through to music festivals, have had an online element, which has been covered by endorsement to an event insurance policy.
“However, as a result of the coronavirus, we are seeing far more events either being reorganised or created from scratch for purely virtual audiences.
“Even with lockdown easing, we expect this to continue both in business and leisure as people continue to avoid unnecessary crowds.
“These events are completely reliant on the technology working and a failure can be financially crippling, which means having robust insurance in place is a must. Beazley’s virtual events transmission policy is designed to provide simple and clear cover tailored for the risks involved with hosting virtual events.”
The new transmission policy supports the event organisers who depend on technology platforms
The new virtual events transmission policy is said to support the event organisers whose success relies on technology platforms providing seamless transmission or broadcast to their audiences.
If an event gets cancelled due to transmission failure, the policy covers first-party losses including organisational costs, expenses, or gross revenue from advertising and ticket sales. The policy is being offered on a global basis and the coverage is limited to $10m.
The policy would also complement the company’s existing portfolio of cover including media & technology liability insurance, by offering protection for organisers who provide technology platforms and responsible for the online broadcast or streaming of live events.
Beazley operates its specialist insurance businesses in Europe, US, Canada, Latin America and Asia, and manages six Lloyd’s syndicates. Its underwriters in the US are focused on a portfolio of specialist insurance products.