BVEP have held a meeting with DCMS to discuss the event insurance and to seek clarification on the UK Events Reinsurance Scheme’s operation. From this meeting, they have produced a ‘Frequently Asked Questions’ document – CLICK HERE TO DOWNLOAD.
Below are something useful links concerning the Reinsurance Scheme:
- BIBA’s page with links to brokers
- BIBA (British Insurance Brokers Association) email contact (email@example.com) and LIIBA (London & International Insurance Brokers Association) email contact (firstname.lastname@example.org) for anyone who doesn’t have a broker and wants a quote.
- Scheme Administrator’s email (for queries related to the scheme) email@example.com
- Scheme Rules published on gov.uk
BVEP plan to further update the FAQs that will help inform organisations and individuals looking to purchase cover. If you have any questions about the scheme that you would feel useful to be added to the FAQ please contact us.
Note the last question on the FAQ which refers to who can purchase cover. This is far wider than currently perceived. For example individual exhibitors, venues and suppliers can take out cover under the Scheme.
Events that have purchased policies to date range from an amateur theatre group with a budget of £3,000 to a trade show with a budget of £2M. Audience sizes also vary greatly from 500 to 1M plus. As more policies are written, BVEP will have a clearer picture of who is accessing the scheme.
Those wishing to gain coverage through the scheme should contact their brokers and nudge their insurers to join the scheme if they haven’t already done so. Hiscox has recently joined the scheme as the 6th participating insurer.