The Government has announced a £750 million insurance scheme so festivals and live events can restart with confidence in a bid to avoid a second lost summer of fun due to Covid.
Industry figures have been calling for such a scheme to help them recover from the pandemic and be able to plan events without the risk of a coronavirus outbreak leaving them out of pocket.
Many organisers have found that insurers would not cover them for cancellations caused by Covid.
But the Government announced it has partnered with Lloyd's to deliver the Live Events Reinsurance Scheme as part of the Treasury's Plan for Jobs.
The Government has announced a £750 million insurance scheme so festivals and live events can restart with confidence in a bid to avoid a second lost summer of fun due to Covid. Pictured: Music fans at London's O2 last week
James Blunt performs at London's Royal Albert Hall on July 23, one of the many live events back on as Covid restrictions ease
The Government will act as a 'reinsurer' and offer a guarantee to make sure insurers can offer products to cover organisers if state restrictions shut events down.
But Labour's shadow culture secretary Jo Stevens said it was the 'bare minimum'.
She said: 'Anything less than lockdown, like the reintroduction of social distancing or artists or crew having to self-isolate, isn't covered.
'Yet again the Government has dithered, delayed and come up with a solution that doesn't address the problem. Under this scheme, the Government essentially takes no risk and the live events sector carries it all.'
The scheme will cover the live events sector, which the Treasury said was worth more than £70 billion annually to the economy and supports more than 700,000 jobs, and is due to be available from next month alongside standard commercial events insurance.
Chancellor Rishi Sunak said: 'The events sector supports hundreds of thousands of jobs across the country, and I know organisers are raring to
