You may be aware that the Victorian Managed Insurance Authority (VMIA) has announced an event insurance product to safeguard losses from events if they have to be cancelled due to the imposition of State or Federal rules relating to Covid-19.
This insurance cover will be available for events held between 1st January 2022 and 31st December 2022. Our, Executive Chair, Francis Child joined a presentation this morning by the VMIA at which a number of matters were raised requiring further clarification by the VMIA. In particular, it was indicated that business events, including association national conferences may not be eligible for this cover. The advice provided during the presentation is that you should contact the VMIA on 1300 947430 to check whether your event is eligible for this insurance.
We have included a fact sheet relating to the cover but this is not 100% clear on the eligibility of association conferences. We are endeavouring to get further clarification on this and will advise as soon as we have further information. Our advice at this stage is prior to assuming you are eligible for the cover to check directly with the VMIA.
What is covered?
In terms of the actual details relating to the cover the major elements to note are:
- The cover is only for events held in Victoria between 1st January 2022 – 31st December 2022
- Premiums are based on the declared value (revenue or costs) at a rate of 2% for events valued between $20,000 – $100,000 and 4% for events valued over $100,000 up to $10M
- It appears claims will only be paid out on events that are cancelled (not postponed or migrated to virtual) due to restrictions (State or Federal) in place on the day of the event
- Claims will be paid out at a rate of 100% for cancellations and 50% for meeting space reductions
We strongly recommend checking directly with VMIA on 1300 947430 regarding the eligibility of your event