BEIA welcomes National’s plan to support event insurance

Business Events Industry Aotearoa has welcomed National’s Back to Business plan which would see government fund the premium for events industry insurance cover.
BEIA chief executive, Lisa Hopkins says the Government rejected an industry-led proposal to support the $1.5m premium cost, either directly or through the Regional Events fund, for a $20m policy cover.
“We had been working on this proposal with our partners EventCover since the end of last year and were able to negotiate with Lloyds, however, the idea was rejected by the Government.
“I am pleased to see National’s wider plan today, which acknowledges the devastation this sector has felt,” she says.
“National’s proposal would see a $50m fund to allow major events, such as festivals and concerts going ahead with confidence, avoiding the significant financial losses incurred by organisers, customers and suppliers.
“Additionally, it would support the business events sector, through the proposal developed by BEIA and EventCover, by retargeting the Regional Events fund,” Lisa says.
“Ultimately, we want to see the events industry supported in a way which offers confidence. Our proposal was about postponing events, not cancelling them, to give suppliers, attendees and communities certainty, and to enable money to continue to circulate.
“The business events sector has lost 78 percent of its value since COVID. Despite this, many businesses have stayed open, albeit with significantly reduced staff and – for the small businesses – off the back of investments and savings.
“These are businesses which deserve to survive, thrive and receive the respect of all political parties for their tenacity and endurance.
“The day will come when restrictions lift, borders open and the job of resurrecting our economy and country begins in earnest,” she says.
“Like so many in tourism and hospitality, the events sector, including business events will be an important part of the solution.”