General

The state of global events: We can only wonder, watch and wait while the uncertainty persists

As South Africa celebrated Freedom Day, on Monday, 27 April 2020 from behind “lockdown” doors, I couldn’t help thinking about our undeniable global passion for freedom of movement. As humans, we aspire to run and ride faster and further, climb higher, play better, dance more beautifully, sing more harmoniously, paint and draw more creatively, and tell our stories in film, TV and on stage in ways that are better than before.

And so, as the turmoil of our current state of global events persists, we can only wonder, watch and wait while the uncertainty persists.

Japan’s medical chief says hosting the postponed Olympic Games in Tokyo in 2021 will be difficult without effective vaccines or drugs to treat COVID-19. Understandably this is their overwhelming view as Japan remains in a month long state of emergency. So with the world’s largest sporting event still unconfirmed, even in 2021, the rest of the worlds sporting and cultural bodies grapple with their own schedules and calendars.

Early estimates of the costs for the postponement of the Olympic Games is anywhere between US$2 billion and US$6 billion. The head of the LOC in Japan has said that it is highly likely that the expenses will be higher than the original planned budget. It is under these circumstances that a very detailed and thorough approach to your event cancellation insurance and policy needs to be conducted with your broker. Continual updating and review of the insured limits versus the estimated budget / expenses will ensure that your coverage is adequate if ever the event is cancelled and a claim is made.

F1 contemplates racing back-to-back races on a single weekend, perhaps even in reverse or the “wrong direction” pending safety considerations. Major football leagues across the world are grappling with finishing the season, and millions of fans around the world argue the pros and cons of playing in empty stadiums.

All New York City Broadway shows have now been cancelled through 7th June 2020. To quote Broadway.com: “when this unexpected intermission comes to an end – and, make no mistake, it will come to an end – we’ll once again gather at lobby bars, sit beside one another in velvet seats, and laugh, cry, and cheer together in unison. When that day comes, the chance to take part in this great tradition will feel more special than ever before!”

At iTOO Special Risks, our events and entertainment team want to work with our brokers and clients as details of the events calendar and schedules update on a continual basis, and we look forward to helping you plan your future events as the world contemplates opening up its doors once again!

 

Author:
Lead – Sports, Events & Entertainment
Greg Dillon

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