Julie Steinberg

speaker

41 appearances 1 recordings 1 series first heard Mar 2020 last heard Mar 2020

Julie Steinberg’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Event Canceled Due to Coronavirus: Who Foots the Bill? · 16 Mar 2020 podcast

Some people prior to this outbreak never would have considered something like this and maybe thought, well, I'll buy cancellation insurance and I'll be fine.

But cancellation insurance doesn't uniformly cover communicable diseases.

Unfortunately for the companies and event organizers, it tends to be them.

And that's because many of them tend not to purchase specific insurance that's related to what are called communicable diseases under which something like the coronavirus would fall.

So it all comes down to how prepared you are.

And based on conversations I had with insurance brokers and executives, it can really be 50-50 for some of them on who actually ends up buying specific insurance for this.

So some people prior to this outbreak never would have considered something like this and maybe thought,

Well, I'll buy cancellation insurance and I'll be fine.

But cancellation insurance doesn't uniformly cover communicable diseases.

So you'd have to pay extra in order to be covered under that sort of scenario.

And in many cases, companies just didn't choose to pop to top up with that extra insurance.

For some organizers, yes.

We spoke to the managing director of the Geneva International Motor Show, which was canceled earlier when Switzerland banned certain gatherings over a certain size.

And he told us that to procure insurance for his event, it just would have been way too expensive.

And now organizers and exhibitors for that event are on the hook for double digit millions.

South by Southwest, which is a very popular Austin, Texas festival.

They've said their insurance didn't cover the disease-related cancellations.

We also know that MWC Barcelona, the trade show, said the event had comprehensive insurance coverage, but it was not covered, or coronavirus specifically wasn't covered.

So basically, you can talk to any high-profile cancellation right now, and they're all grappling with the same issue

And the issue is only going to continue as more and more events are postponed or canceled.

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