Is it possible to insure against COVID 19 losses? ID&T, the mother group of Q-Dance B.V. & Air Festival Holding B.V. has pursued a lawsuit finding out the answer. Now, the judgment of the court has been pronounced. ID&T has won in court against the insurance company NN, Reall, Amlin & Chubb and will receive 1,3 million Euro compensation due to the canceled events.
The insurance company wanted to exclude the coronavirus as a reason for canceled events. Furthermore no insurance contract with ID&T existed. But the judges decision rejected this for the reason that such an inquiry for an event insurance was requested already in January to transact the insurance policy for the beginning of March 2020.
This decision is very important for the whole event sector!
Bas Meijer from ID&T said to FD: „…This decision is very important for the whole event sector!“ Many insurance companies excluded to insure against the corona virus already at the end of February, as the whole festival season began to crash.
Endured approximately 11 million Euro total damage!
ID&T had to cancel more than 40 events, such as Defqon. 1 and Mysteryland, and endured approximately 11 million Euro total damage. Due to their early request they benefit from the judges decision.
The Dutch association of insurers are examining if this could become a precedent. This subject is growing in importance in the event sector.