Access All AreasOn the back of continued festival closures and postponements following the 78 called off last year, insurance broker LMP Group has launched FestiFLEX.
The company, which specialises in insurance broking and risk management for clients in the entertainment, media and sports sectors, said FestiFLEX had been created to help festival organisers who are battling rising costs and tighter margins. The initiative enables festivals operators to secure full cancellation cover while spreading the cost over multiple payments.
“Traditional insurance requires massive upfront costs, leaving many events financially exposed, and with pandemic-related cover wiped from most policies, risk has never been higher,” said LMP Group CEO Matthew Meredith. “The financial risks are mounting while audience demand is stronger than ever, and artists are desperate to perform. Yet organisers are dropping like flies under the weight of financial insecurity. With FestiFLEX, festivals can plan with confidence, knowing they’re protected from the unexpected, without being crippled by cashflow.”