How has Covid-19 affected Event insurance?
Covid-19 has had a significant impact on event insurance, as many events have been cancelled or postponed due to the pandemic. This has resulted in a significant increase in demand for event cancellation insurance, as event organizers seek to protect against the financial losses that may occur as a result of cancelled events.
Event cancellation insurance typically covers the costs of cancelling or postponing an event due to unforeseen circumstances, such as inclement weather, natural disasters, or pandemics. Prior to Covid-19, pandemics were often excluded from event cancellation insurance policies, as they were considered to be low-probability events. However, the impact of Covid-19 has led to a reevaluation of this exclusion, and many insurers are now offering event cancellation insurance policies that cover pandemics.
In addition to event cancellation insurance, Covid-19 has also had an impact on other types of event insurance, such as liability insurance and weather insurance. Many insurers have revised their policies to specifically exclude coverage for pandemics, or have added pandemics as a deductible event. This has led to some policyholders being unable to secure the coverage they need for their events, or having to pay higher premiums for coverage that includes pandemics.
Overall, Covid-19 has had a significant impact on event insurance, with a increased demand for event cancellation insurance and changes to the coverage offered by many insurers. It is important for event organizers to carefully review their insurance needs and options in the current climate to ensure that they have adequate protection for their events.