As coronavirus concerns bloom, performing arts world fears major financial hit
and Santana are among the A-list artists who've dropped or postponed concert dates at home and abroad over virus fears, with fine arts venues like the Boston Symphony Orchestra and New York's American Ballet Theatre also cancelling tours in Asia and the Middle East.
Terrorism insurance has been commonplace since 9/11, and many American events now buy active shooter insurance, he said - but the average contract doesn't have a clause for communicable disease threats."If they have a policy that's going to respond, in most cases we need a government entity of some sort to pull the plug," Siegel said.
For now, it's just postponed, but in the event of cancellation an insurance payout due to force majeure could hover between $150 and 200 million. "There's a lot at stake," he said."There's a lot more people that are in this food chain that are going to be affected - vendors, crew, local businesses."
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