As our colleagues Brad Nes and Sergio Oehninger discussed in a recent Insight, upcoming events such as the 2026 Men’s World Cup and Winter Olympics serve as a timely reminder to businesses involved in live events to consider and revisit the importance of insurance in minimizing unanticipated financial losses.
Recent incidents, such as the arson attacks during the 2024 Summer Olympics and the cancelation of Taylor Swift’s concerts due to terrorist threats, highlight the risks to these types of events that are beyond the organizers’ control.
Key insurance types for major events include event cancellation, third-party liability, first-party property, cyber, and geopolitical and terrorism coverage. While first-party property insurance can cover direct physical loss and lost business income, this variety of event insurance is likely to be more limited as certain exclusions may apply. Additionally, cyberinsurance can address significant losses from data breaches and cyber disruptions; a party seeking to insure their event should consider to what extent the event involves the collection and management of sensitive or personal data.
To aid in the success of claims and maximize insurance recoveries in the event of a potentially covered loss, businesses should identify all available policies, adhere to applicable notice and proof-of-loss requirements, and engage outside counsel for guidance as needed.
Check out the full Insight for a more thorough discussion of the complex risks faced by sporting events and entertainment performances and related insurance considerations, including learnings in proactive risk management from the COVID-19 pandemic.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.morganlewis.com ’
