Press Release

Press Release

Do you need cancellation insurance for your events? Here are 6 reasons to consider it…

  1. Are you planning an event featuring a named artist or speaker? Could you be affected by their travel delays?
  2. What would be the cost to you if they were unable to appear?
  3. Could you be affected by bad weather i.e. snow? Loss of power? Strikes?
  4. Would you need to refund tickets?
  5. Do you manage key artists whose illness would impact your income streams?
  6. Are you using a ticket seller? They require proof of cancellation insurance as part of their standard terms of business.


What is Cancellation Insurance?

Cancellation Insurance replaces commission lost as a result of the inability of or loss of opportunity for artists to perform. It can also help with efforts to reduce further losses (eg: chartering a plane to get around a transport strike). However, pre-existing medical conditions, lack of interest/ticket sales, financial insolvency and pencilled dates without letters of agreement are not covered.

How much should I insure?

It may not be worth insuring every artist for every contingency – most managements absorb attritional losses of around 5% of commission in a normal year. You know where you’re most exposed.

  • Artists/events: you could insure only your biggest earners or most lucrative events.
  • Period: individual concerts, specific tour dates or an annual policy covering all of your events throughout the year.
  • Perils: look at your contractual obligations – which perils would hit hardest? Illness/injury? Venue issues like flood, fire, loss of power, strike? Transportation – mechanical breakdown, strike, weather?

 You could simply cover your top 5 earners, eg:

 

Artist Profession Income £
Hepburn Actor 80,000
Shakespeare Writer 160,000
Lanza Singer 140,000
Karajan Conductor 30,000
Nijinksy Dancer 20,000

                              Total = 430,000                                         

How much does it cost?

The premium is a rate percent of the total sum insured. Ranging from 1% to 3%, factors include artists’ ages, cancellation history and level of income. On the example given, the premium would be between £4,300 and £12,900.

Be smart: identify your weak spots, quantify the potential impact of cancellation and get specialist advice to make sure you don’t pay more than you need to. 

To arrange a complimentary insurance 'health-check', email Paula or get in touch on 01223 200654.

Public And Products Liability Violin Mime

“La Playa engenders a feeling of complete confidence. The sheer of joy of their professional service made the decision to move our contract very simple. Not to mention that we saved over £3000 in the process!”

Rosie T., Festival Director, Canterbury Festival

 

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

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About La Playa Arts & Entertainment

Specialist & Independent

Specialist & Independent

The arts present a very specific set of risk exposures – and now your digital and online risks can expose you globally. We understand the risks and pressures you face - and we speak your language. We’ll support you with great advice - helping you make good decisions for your organisation.

Our exclusive portfolio policies can help streamline costs, and we’ll always help you stay ahead of the game in managing risk. The show must always go on - insurance isn’t just about processing a claim, it’s about thinking laterally to solve challenges and problems fast.

At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective!

In-house IFA

We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

  • Specialist insurance for entertainment and the arts
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture
  • Seamless insurance across UK and US

Premiums start from £550 inclusive of IPT

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