Marsh Offering Entertainment Industry Coverage through Lloyd’s

A note on the Lloyd’s Website (www.lloyds.com) describes a new initiative from global broker Marsh, which offers a “new range of products covering celebrities and those working behind the scenes in TV, film, music and events.” Risks in the entertainment industry include cancelled events, scandals and injuries to performers. Lloyd’s has a long history of providing coverage to mitigate them.

“Event cancellation has hit the headlines in the past month with the announcement that delays to the construction of London’s new Wembley Stadium will see a string of high profile concerts by stars such as Bon Jovi, Robbie Williams and the Rolling Stones cancelled or relocated,” said the bulletin.

“Big Budget movies are another area where delays to production can see millions added to the costs,” it continued. “The death or disgrace of a major star can also mean the complete failure of a multi-million pound movie or television advertising campaign, shown earlier this year when some major firms cancelled contracts for supermodel Kate Moss following allegations of drug use.”

Marsh aims to cover these types of risk, and to also offer personal coverage for performers, such as sports stars, who may suffer a career ending injury. A new Marsh team – the Personal Accident, Contingency and Entertainment (PACE) Practice, oversees the new products. It is based in London to allow easy access to expert underwriters in the city.

Team Leader Lennox Batten commented: “PACE is an exciting new addition; our specialist team is uniquely placed to effectively manage the often complex insurance and risk programs associated with the entertainment industry.”

Lloyd’s said it expects “most of the clients in the £30-40milion mark [$52.5 to $70 million] to be placed there,” as it has “a global reputation for covering risks of this type.”

Topics Excess Surplus New Markets Lloyd's