UK music festivals and other live events are to be protected by a government-backed insurance scheme if they have to cancel because of Covid.
It will begin next month with a £750m budget to cover cancellation costs if events are legally unable to happen due to government Covid restrictions.
The live events industry, which has repeatedly called for such a plan, broadly welcomed the announcement.
More than half of all music festivals have been cancelled this summer.
And several events, including the Boomtown and Womad festivals has stated being unable to get insurance was part of their decision to cancel.
The new scheme will see insurance companies provide cover for live events, with the government agreeing to act as a reinsurer – guaranteeing that any pay-outs will be funded.
All event suppliers, including Pac Wristbands, welcome this news as confidence can start be restored within events industry.