Prodiss has announced a new cancellation insurance policy exclusively for its members to “support the restart of the activity” in the performing arts sector.
The French live music association has negotiated two “tailor-made” insurance solutions with Aon, an insurance broker with expertise in the entertainment sector, and Areas/Maif, French insurers active in the cinema sector.
The first solution is intended to cover the cancellation risks for producers, concert promoters and festival organisers with pre-agreed and competitive rates, including an option to cover the risks of unavailability of persons linked to the Covid-19.
The second solution is designed to cover financial losses for venue operators, also with a competitive pricing approach.
PRODISS REPRESENTS AROUND 400 MEMBERS INCLUDING ACCOR ARENA IN PARIS, THE BATACLAN IN PARIS AND MAMA
Prodiss tells IQ it will not bear the cost of the contracts but will simply provide its members with competitive contracts. The association would not reveal any other terms at this time.
Prodiss represents around 400 members including Accor Arena in Paris, the Bataclan in Paris, Live Nation France Festivals, Live Nation SAS and Mama.
In February this year, the French government announced a framework along with a €30 million fund which would compensate organisers – both for losses incurred due to the implementation of alternative formats and in the event that festivals are cancelled due to an increasing Covid-19 infection rate.
Insurance schemes have already been announced in the UK (£800m), Germany (€2.5bn), Austria (€300m), the Netherlands (€300m), Belgium (€60m), Norway (€34m) Denmark (DKK 500m) and Estonia (€6m).
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