Reed Smith Client Alerts

The coronavirus (COVID-19) continues to bring the UK and the world to a standstill. Businesses are facing cancellations (such as Wimbledon) or postponements (such as the Olympics) on a daily basis and there is significant impact on organisers, suppliers and consumers. We advise businesses to look closely at their insurance policies and consider upcoming renewal dates. Policy wording and terms are different depending on the level of cover negotiated and paid for. In this article, we focus on event cancellation cover. We will issue further articles in the coming weeks regarding other types of cover that could be used to assist businesses dealing with COVID-19-related issues.

Autoren: Peter Hardy Mark Pring Margaret E. Campbell Laura-May Scott Eleanor Ruiz Catherine Lewis Sharon Law

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The coronavirus (COVID-19) continues to bring the UK and the world to a standstill. Businesses are facing cancellations (such as Wimbledon) or postponements (such as the Olympics) on a daily basis and there is significant impact on organisers, suppliers and consumers. 

When considering their options, all businesses need to consider their insurance cover. Does your insurance protect you where your event is cancelled and/or postponed due to a ‘pandemic’? 

There are some important steps that you can take now to protect the financial position of your business. If you have a specific event cancellation policy, we recommend reviewing its terms to see whether you have cover and whether a claim should be notified at this stage. 

Policy wording and terms are different depending on the level of cover negotiated and paid for. In this article, we focus on event cancellation cover. We will issue further articles in the coming weeks regarding other types of cover that could be used to assist businesses dealing with COVID-19-related issues. Our next alert will focus on credit and political risk cover – every day, we hear of more businesses struggling to stay afloat as a result of COVID-19-related losses. Stay tuned for further know-how alerts from the Reed Smith Insurance Recovery team.