Pandemic insurance will likely be a top priority for music festivals, concerts and all other major events once the coronavirus is gone … but it will take some time before coverage is even possible. This type of insurance is out of the question for festivals like Coachella, Stagecoach and EDC Las Vegas… at least for the foreseeable future, according to many people we have spoken with in the insurance industry. The people we checked with said they wanted to see data on the likely resurgence and mutations in the virus. They have no data on COVID-19 and no way to set the price of the insurance policy. As you know… these festivals were all scheduled for spring, but were postponed to October, and it’s just the dream. As you know, the mayors of L.A. and NYC have already said that large crowds are likely to be a thing of the past, at least for the rest of the year. We interviewed the people launching these events and they all say they are not currently covered against pandemics, but it is definitely on their priority list now. The problem is … if this year’s event tank, the organizers may have to eat the losses. Steve Howell, a media and music insurance broker in the UK, breaks it down this way – you can’t buy home insurance when your house is on fire. In other words, good luck getting pandemic insurance now. Kevin Lyman, who organized the Warped Tour, agrees … there is no way to get COVID-19 coverage right now … period. If these concerts are shelved for what could be a year, everyone agrees … the financial blow will be devastating.
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