Mitigate your risk in the event planning phase
Despite the possible clash of dates with the British and Irish Lions Rugby Tour of South Africa and the new postponed dates for the Olympic Games in Tokyo in July 2021, it appears that, for now, the rugby tour of South Africa will be going ahead at the same time.
In the case of both of these large global events and their many side shows, they take an enormous amount of planning, and consequent costs in the pre-planning phase. These challenges are what many other organisers around the world are faced with at these uncertain times.
Whether you are planning the Olympics Games, the Lions Rugby Tour, or your own wedding, a business conference, trade show or other type of sports event, the major uncertainty of the current state of affairs under “lockdown restrictions” and the Covid-19 impact make it extremely stressful and difficult to plan with outright certainty. Can you mitigate the financial risk and implications if the event(s) is cancelled for some reason?
Sports calendars are starting to firm up
There are numerous examples of sporting events preparing to get started across the world. The German Football League (DFL), or Bundesliga, looks set to be the first of the major 5 leagues in Europe to kick things off as soon as the 15 May. The plan has the backing of many leading decision-makers in Germany, but must be ratified by the Chancellor and the state leaders before getting the green light.
F1 is also mooting a restart to the 2020 season in Austria, with plans to have testing of all personnel prior to entry into the event giving them a clearance, and then continual testing throughout the days of the event by a consistent and authorised authority.
It is this type of “new norm” that I see becoming part and parcel of all events across the African continent, as event organisers adjust their plans and accommodate the changes that are going to be needed just to make sure that the delegates, participants, spectators and attendees feel safe to come to their event.
So as World Rugby consider their position in comparison to other major sports and their own eSports development, Major League Baseball in the US looks at a radical realignment of their 30 club league into three 10-team divisions based on geography, allowing reduced travel and less risk, so the world counts the toll of a virus still very much impacting our daily lives.
The UCI has announced that the Tour de France will start on 29 August, with the Giro d’Italia and Vuelta a Espana overlapping during October. Cycling’s three Grand Tour races are part of a packed schedule across just over three months from 1 August.
Tennis’ governing bodies have confirmed the creation of a Player Relief programme to support players affected by the coronavirus pandemic.The fund, which is already worth at least $6m (£4.8m), will target around 800 singles and doubles players from the ATP and WTA Tours.
When can we gather in crowds
And while the world of sport contemplates its next move, many of the world’s finest instrumentalists and singers have been using social media to stream their songs from shutdown.
Many musicians across the globe are now hosting their own Covid-era sessions, and although this has been a great source of inspiration to many listeners, there remains a bleak outlook for composers and performers.
Concert halls, bars, restaurants and clubs are closed until further notice, with the entertainment industry expected to shed tens of thousands of jobs as the live music scene faces an unprecedented crisis. By its very nature, the world of events, music, arts, culture and sports will probably be the last to get back to work because big crowds won’t be allowed to gather.
Be agile and responsive
This is the time for agility and responsiveness, in an ever challenging, ever riskier state of affairs. As clients you should speak to your brokers about your insurance options for event liability and cancellation.
At iTOO Special Risks, we provide competitively priced, extensive event cancellation cover, which protects the event organiser’s financial liabilities should an event have to be cancelled or abandoned due to circumstances outside the event organiser’s control.”
Author:
Lead – Sports, Events & Entertainment
Greg Dillon
