Why you need to get event insurance?
Kicking off the new year with more restrictions to help curb the rapid spread of the Omicron variant has left many Canadians wondering when we’ll get to enjoy our favourite concerts and events again.
Whilst in the summer we got a taste of attending concerts, shows and other events again, for the third year in a row the entertainment industry faces cancellations and postponements of events and productions, having to refund ticketholders and running into cashflow issues, says Rorie McIntosh, CEO of McCAM Insurance brokers, a member of the Canadian Broker Network – Canada’s largest network of independent insurance brokers.
Why you need event insurance?
“While the chances are low that a concert promotor may go out of business, the risk is higher than ever as the industry continues to struggle for a prolonged period,” McIntosh warns.
“Most promotors have a good refund policy in place when an event is cancelled, especially since the start of COVID-19. In some cases the event is postponed multiple times due to the pandemic and the concert promotor holds on to the ticket fees you’ve paid until the event is finally able to proceed.”
He advises his clients to purchase event insurance in case the promotor they’ve purchased their tickets from goes bust. “It’s more important than ever to avoid loss in any instance,” McIntosh says.
Consider travel insurance when booking your next event
Canadians often travel across the country or to the US to attend events, McIntosh says, and the biggest losses from cancelled or postponed events are associated with travel and accommodation costs.
“We were all hopeful in the summer and many of us booked tickets to events in advance – nobody saw the more contagious Omicron variant coming,” McIntosh says. “If you’ve purchased tickets to a show you need to travel to, you may want to consider getting a travel insurance policy that will cover losses of your hotel and airfare costs in case the event gets cancelled or postponed.”
For more information, talk to our expert insurance broker about your insurance needs today.