Working with domestic brokers, Miller has bound non-appearance cover for an international rock band and event cancellation for a major US music festival, adding to our A-list of insureds from the global entertainment industry.
Non-appearance placement for US Rock band
With the amount of income on offer for bands through live events, the decision to cancel a performance is never taken lightly.
Non-appearance insurance can cover a band’s contractually agreed revenue if an event is postponed or cancelled due to the artists’ inability to perform.
On this occasion, the retail broker came to Miller because of our specialist knowledge and access to bespoke wordings through our in-house contingency binder, which boasts a USD30m limit. This provides a valuable option in addition to open market canvassing and structuring.
Cancellation placement for hip-hop festival
A festival was due to be held in Florida and organisers were looking for event cancellation cover following a series of cancellations in recent times due to bad weather.
Festival losses have impacted domestic rates which are continually rising, so the US broker, who Miller was working with for the first time, came to London for a solution.
Although rates did increase slightly via London, it was not as significant as the potential rise had the placement remained with the domestic market.
Music & touring
How does cancellation insurance help?
Event cancellation insurance provides financial protection for the loss of costs and expenses or revenues that result from the cancellation, abandonment, postponement, interruption or relocation of an event (in whole or in part) due to uncontrollable or unforeseen circumstances.
Check out the graphic below which shows some other events that might benefit from cover and their insurable risks. As ever, Miller is on hand to advise you, so don’t hesitate to get in touch with Carl or Tom if you have any questions.