The insurance solutions will support freelancers and those working in the festival industry
Lloyd’s broker Tysers has launched two new schemes for the music and live events sector – Tysers Freelancers and Tysers Elite.
Tysers Freelancers is an online insurance solution available 24 hours a day, seven days a week, that provides cover for freelancers who work for music events across the UK and Europe.
Tysers Elite, on the other hand, provides cover for the assets and liabilities of those who work in the festival industry – including touring bands.
Bob Pybus, head of retail broking at Tysers, said: “Navigating the last 18 months has been challenging for our clients and the industry, but we are stronger for the experience and I am incredibly proud of how our teams have worked together across the business to deliver for our clients.”
Tysers paid around $500m (£369m) in non-appearance and event cancellation for live events claims throughout the pandemic.
The broker also campaigned for a government-backed insurance scheme, to get live festivals and gigs running again as the pandemic eased - this resulted in the creation of the inaugural Live Events Reinsurance Scheme (August 2021).
The scheme makes cover available against the postponement, cancellation, relocation, or abandonment of events due to new UK civil authority restrictions in response to Covid-19.
Paul Chapman, managing director of Tysers, added: “We’re now seeing the rewards of the dedication and commitment of our talented teams with revenue returning to 2019 levels in live events and property and casualty.
“This demonstrates the strength of Tysers’ brand across key lines of business and our new products reflect our ability to provide forward-thinking, nimble wholesale and direct to client solutions.
“Our employees are our greatest asset and it’s fantastic that we continue to attract and retain such brilliant talent.”