nearly 4,000 events are planned to take place during the remainder of 2021<\/a>, but with event cancellation insurance still an unknown to many in Germany, organisations and organisers could be leaving themselves unnecessarily exposed at a time when they are at their most vulnerable.<\/p>\nPurchased widely in the US and UK (the world\u2019s leading event locations), event cancellation insurance provides broad cover over a range of risks including adverse weather, terrorism, civil unrest and much more.<\/p>\n
While Covid restrictions and the chaos they brought to the events industry are at the front of most people\u2019s minds, there are a host of issues that can and do bring events, big and small, to a shuddering halt, resulting in significant financial and reputational loss.<\/p>\n
As confidence returns to the events sector, it is vital that companies, organisers and their brokers don\u2019t take their eye off the more \u2018mundane\u2019 circumstances that can affect an event and ensure that the necessary protection is in place to prevent further haemorrhaging of resources and opportunities.<\/p>\n
Event cancellation is a longstanding product designed for face-to-face events, but as more events move to an online-only basis or, more commonly, a hybrid approach, insurance has followed suit and can now provide specific cover for tech failures of all kinds.<\/p>\n
Tokio Marine HCC\u2019s new virtual events insurance provides organisations with bespoke coverage specifically to address the risk of computer systems failure due to cyber incidents, which risk cancelling or interrupting events. While the covers available may be evolving, the principle remains the same \u2013 to protect events from the unexpected. And if the last 18 months have taught us anything, it\u2019s that we and our clients should be prepared for the unexpected at all times.<\/p>\n
The events sector has shown an incredible amount of resilience throughout this period \u2013 it has taken a huge hit but it has adapted rapidly and come out fighting, albeit in a slightly different format.<\/p>\n
Now is the time that companies and event organisers need the insurance industry the most. So, it is incumbent upon all of us in the industry \u2013 insurers and brokers\u2013 to match our clients\u2019 enterprise and resilience with a willingness and capability to provide the support and protection they need to get this sector back on its feet.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Covid pandemic has wrought havoc on the events industry during the past 18 months. According to UFI, the global events industry association, the sector has already lost \u20ac14.4bn in cancellations worldwide, with Europe alone experiencing losses of \u20ac5.8bn. The data also shows that losses from orders not being secured …<\/p>\n","protected":false},"author":4,"featured_media":79454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[143,359,144,377,145,354,196,415,141,382],"tags":[503,501,407],"acf":[],"uagb_featured_image_src":{"full":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734.jpg",700,400,false],"thumbnail":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-150x150.jpg",150,150,true],"medium":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-300x171.jpg",300,171,true],"medium_large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734.jpg",700,400,false],"large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734.jpg",700,400,false],"1536x1536":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734.jpg",700,400,false],"2048x2048":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734.jpg",700,400,false],"image-publication":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-390x223.jpg",390,223,true],"image-publication-large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-476x272.jpg",476,272,true],"jannah-image-small":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-220x150.jpg",220,150,true],"jannah-image-large":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-390x220.jpg",390,220,true],"jannah-image-post":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734.jpg",700,400,false],"featured-2":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-530x340.jpg",530,340,true],"editors-pick":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-219x115.jpg",219,115,true],"archive-thumbnail":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-375x375.jpg",375,375,true],"mobile-thumbnail":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-375x300.jpg",375,300,true],"single-feature":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-700x400.jpg",700,400,true],"square-thumbnail-s":["https:\/\/www.commercialriskonline.com\/wp-content\/uploads\/2021\/07\/0_Glastonbury_shutterstock_1465806734-100x100.jpg",100,100,true]},"uagb_author_info":{"display_name":"Ben Norris","author_link":"https:\/\/www.commercialriskonline.com\/author\/ben-norris\/"},"uagb_comment_info":0,"uagb_excerpt":"The Covid pandemic has wrought havoc on the events industry during the past 18 months. According to UFI, the global events industry association, the sector has already lost \u20ac14.4bn in cancellations worldwide, with Europe alone experiencing losses of \u20ac5.8bn. The data also shows that losses from orders not being secured …","_links":{"self":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts\/81798"}],"collection":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/comments?post=81798"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts\/81798\/revisions"}],"predecessor-version":[{"id":86707,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/posts\/81798\/revisions\/86707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/media\/79454"}],"wp:attachment":[{"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/media?parent=81798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/categories?post=81798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialriskonline.com\/wp-json\/wp\/v2\/tags?post=81798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}