Industry News

India welcomes cancellation insurance for events

Private general insurer HDFC ERGO has launched a ticket-cancellation policy for events in India.

The policy will provide cover to organisers and online ticketing provers for a pre-booked ticket in case of any cancellations by the customers.

Customers will have the option to buy refundable and non-refundable event tickets with the insurance integration.

The policy covers the event ticketing partners against non-sale of tickets cancelled by customers. It is also an all-risk policy where ticket cancellation by customers, due to any reason, will be covered.

Mukesh Kumar, executive director, HDFC ERGO General Insurance Company, said: “The launch of India’s first ‘Ticket Cancellation Insurance Policy’ is designed to assure financial support for any cancellations to Event Ticketing Partners. There is no exclusion in the policy and the customers will be refunded the money for pre-booked ticket(s) by the event ticketing partner.”

The ticket cancellation insurance policy by HDFC ERGO will be available for corporate and social events such as concerts, training workshops, sports matches and movies. The policy will protect the event ticketing partners against financial losses in case the customer cancels a pre-booked ticket.

Image: Yvette de Wit