Specialist insurer Beazley has launched a standalone contingency policy designed to cover event organisers if a transmission failure disrupts or cancels a virtual streamed event. The policy covers first-party losses including organisational costs, expenses, or gross revenue from advertising and ticket sales.

The cover is available on a global basis and offers limits of up to £8m.

Mark Symons, contingency underwriter at Beazley, said: “For a long time, many events, from business conferences through to music festivals, have had an online element, which has been covered by endorsement to an event insurance policy. However, as a result of the coronavirus we are seeing far more events either being reorganised or created from scratch for purely virtual audiences.“

The standalone policy complements Beazley’s existing portfolio of cover including media and technology liability insurance, which offers protection for providers of technology platforms that are responsible for the online broadcast or streaming of live events.

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