Extra Certainty For Much-Loved Events With New Insurance
The Andrews Labor Government is delivering certainty to Victoria’s events industry with Australia’s first COVID-19 Event Insurance product – helping more performers and industry professionals return to work.
Victoria’s live music, festival and events scene will bring in the new year with a bang, supported by the Government with the $230 million insurance product.
Developed in consultation with the events industry – COVID-19 Event Insurance offers cover for creative, sporting, business and community events large and small, with revenue or costs ranging from $20,000 to $10 million.
The 12-month scheme offers certainty to event providers, with policies providing a 100 per cent payout if cancellation is forced due to public health orders from either the Victorian or Commonwealth government.
Where events have reduced capacity because of health restrictions, 50 per cent of the declared value of the event is payable.
The premium is 2 per cent of the declared event value for creative industry events and small events up to $100,000, with larger events including sports, business and community events paying a 4 per cent premium.
The insurance measure is in addition to the Labor Government’s $20 million Live Music Restart package which is propelling music festivals and shows back on stage across Victoria.
COVID-19 Event Insurance is available from 15 December 2021 and will be delivered by the Victorian Managed Insurance Authority – the Victorian Government’s insurer and risk adviser.
Eligible event organisers can apply through a simple online process. For more information and to apply, go to vmia.vic.gov.au/event.