With Australia’s amusement ride operators already left without cover after the last two companies in the sector exited the market, the events industry looks likely to be next, unless we can successfully lobby government for a solution.
Of particular concern is both public liability and professional indemnity cover for event services and providers. Many are reporting increasing costs for less cover, when it is offered at all. Documentation and administration costs just to apply are increasing. There’s also burden of covering your business for a set dollar value of work, and coming in at 20% of that due to current circumstances; there’s no insurance premium refund at the end of that.
One major underwriter, Miramar, has already walked away from the events business entirely. After the Bluesfest cancellation in late March, almost all major insurers now refuse to cover for losses related to communicable disease transmission, which is essential for events to be held at all in a pandemic. With the majority of the insurance offered to the events industry ultimately underwritten by a very small group of companies mostly headquartered in the UK, the we face the prospect of being totally uninsured in the very near future.
Both state and federal governments are aware of this issue, and lobbyists from Save Victorian Events and Save NSW Events are already in talks with minsters at both levels. For once, there’s a tangible understanding of the issue and mainstream media pressure, as no-one wants to see the major agricultural shows in the capital cities and regions with no rides, let alone school and church fetes, and more.
CX have put together a short, totally anonymised survey to provide our lobbyists with financial data to more effectively campaign for a government scheme to underwrite events. Please take the minute it will take to fill it out, and help us avoid dropping off yet another cliff. At least this one can be avoided.
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