Press Release

Press Release

Date: May 2012

Ready, Set, GO!


7 Steps to Olympic-Proof Your Arts Organisation

As many prepare to take part in the hundreds of events this summer for the Olympic Festival, insurance specialist Tracey McCreath advises how to ‘Olympic-proof’ your arts organisation so you can enjoy the festivities without compromising your bottom-line.

The build up to the Olympic Games, London Festival and Queen’s Diamond Jubilee is gaining momentum and new events are springing up every week across the whole of the UK. Whilst this is a very proud and exciting time for the country, the Olympics could affect your organisation in ways you haven’t considered.  Whether you’re taking part or not, make time for a quick insurance review.

Olympic-proofing your arts organisation

  1. Involved directly with the celebrations? Use smart tailored Cancellation Insurance to protect income streams and key artists.
  2. Offices near an Olympic site? Make contingency plans: for example, can staff work from home? There are 32 Olympics sites across the country (10 outside of London) - see the London Olympics site for a map.
  3. Theatres & studios near Olympic sites? Check alternative routes into work and see whether your insurance covers venue closure (and on what basis).
  4. How would communications failure affect you? Are you covered for Business Interruption following a threat of or actual terrorist attack?  Share your business continuity plans with your broker in order to mitigate the cost in case of a claim.
  5. Does your organisation rely on international travel? As we have seen recent problems at Heathrow be prepared for travel delays and work them into your business planning. Make sure your travel insurance is up-to-date.
  6. Are you London-based? Journey times across London will be slower and disruptions are expected. Check the London 2012 journey advice.
  7. Even if you’re not in London, your key suppliers (telecoms, internet service etc) may be – and downtime could cost you dearly.

“The Olympics are an amazing opportunity for London to shine; however, when it comes to protecting your business I do urge you to talk to your broker and plan for the worst-case scenario. This may mean bulking-out existing cover to ensure you’re protected over the busiest time.  Terrorism cover, for example, is excluded from standard insurance policies and should be considered if you are near the any of the Olympic sites.” Tracey McCreath, Director Media, Arts & Entertainment at La Playa.

Fingers crossed for a summer that’s memorable for all the right reasons!

The Games - in dates and numbers:

The organisers have advised that disruptions are likely to coincide with “game time” so 19 May to 9 September 2012. 

Olympic Games:  27th July – 12th August 2012

Paralympic Games:  29th August – 9th September 2012.

  • 500,000 visitors to London everyday throughout the Games
  • £11bn price tag to host the Games 
  • 10,500 athletes and 8.8 million tickets issued
  • 37 competition venues across the UK, 27 of which are in London
  • 24% of all London bus lanes will also form temporary ‘Games Lanes’
  • 1% of London roads will be used to form part of an Olympic Road Network

 

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Juliet Allan

MARKETING DIRECTOR

Direct Dial: +44 (0) 1223 200658

Email: juliet.allan@laplayainsurance.com

Twitter: @julietallan