Tokio Marine Management Australasia has launched event cancellation and non-appearance insurance.

The product provides coverage of up to $50 million for each event and is designed for the arts, music, sports, event and entertainment sectors.

The insurer says event cancellation insurance buyers include event organisers, broadcasters, promoters, ticket agents, venue owners, sponsors, exhibitors, committees and federations.

“Event cancellation insurance covers the net revenue impact when an event is cancelled, abandoned, interrupted, postponed, curtailed or relocated for reasons beyond the control of the insured,” head of sales and distribution partnerships John Dimos said. “When these circumstances occur, the loss of revenue can be crippling for the organiser and/or promoter.

“The reputational impact can also have a long-term financial effect. Unexpected circumstances are impossible to predict, which is why having event cancellation insurance is so valuable.”