One of the music industry’s top insurers is extending its standard coverage to include a growing risk of performing live: terrorist attacks.
New Jersey’s ProSight Specialty Insurance Group Inc., whose music clients include venues, concert promoters and touring acts, said that it will start covering the cost of rescheduling shows if they are interrupted or canceled due to terrorism.
The coverage will be included in its existing property policy at no additional fee and will apply to concerts that are directly affected by a terrorist attack and scheduled within 10 days of such an incident. The policy also mandates that clients reschedule the show at a venue within 100 miles, and within 90 days, of the attack.
“When concerts are canceled, all of the people in society are disrupted,” said ProSight’s chief executive, Joe Beneducci.
ProSight, with nearly $1 billion in annual revenue, says it is the largest global insurer of musicians, performers, promoters and venues.
The change comes on the heels of the massacre at a gay nightclub in Orlando by a gunman who pledged allegiance to the Islamic State terrorist group. That attack, which left 49 dead, came two days after 22-year-old singer Christina Grimmie was fatally shot while signing autographs after a show at Orlando’s The Plaza Live theater—an unrelated incident that didn’t appear to have been politically motivated.
Read more at the Wall Street Journal
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