The live music industry and the insurance industry are battling over who’s responsible for canceled shows’ multimillion-dollar losses. A contract obtained by Rolling Stone shows coronav…
Essentially: Artists canceling tours are on the hook for any losses, and promoters canceling tours are likely on the hook for their losses. Postponement instead of cancellation may allow some wiggle room on the expense sheet, one booking agency source tells, since it means an artist or promoter likely does not have to return all ticket fees as refunds in one go and stands a chance of recouping profits on a later tour.
While some pre-January insurance policies still might pay out some sums, only artists and promoters of a certain stature are able to purchase insurance in the first place. SXSW, the major tech-music festival in Austin that was forced to cancel last week, reportedly does notand is reeling from major losses at the moment. “Most major artists buy tour cancellation insurance, but it’s very expensive.
Grace — who ended up turning down an insurance policy she was considering because it ultimately seemed of little use — says she feels “sheer frustration” that she tried to cover her bases and couldn’t. When it comes to trying to buy new insurance policies, artists and promoters are in the same boat. “Communicable disease coverage can be included, but by late January a separate and specific exclusion for coronavirus has been added to policies across the board,” says Cameron Smith, senior vice president for entertainment industry solutions at insurance provider HUB International.
Brian Cook, bassist of instrumental group Russian Circles, says his band — which just had to scrap a six-week European tour the other day, hours before he was meant to step on the plane to Belgium — has never purchased tour cancellation insurance but may look into it for future tours. “We are really living tour to tour in terms of subsisting financially,” he says.
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