Cancellation Insurance for Artist Managers

Cancellation Insurance for Artist Managers

Does the thought of a hand injury to a key musician bring you out in a cold sweat?  
How much do you rely on income from your biggest artists?
 
But Cancellation Insurance is expensive for an agent, right? Not if you're smart about it: La Playa's Cancellation Insurance offers a "friends and family" style policy, allowing you to insure just your key artists, choosing which risks and what period to cover. 
 
If, like many agencies, your business relies significantly on income from particular artists and writers, it's worth considering the impact of a short, medium and long-term illness or injury on your revenue.

Without breaking the bank, it's possible to identify your most vulnerable spots and minimise your exposure with some well-designed cancellation insurance.
What is Cancellation Insurance?
 
Cancellation Insurance replaces commission lost as a result of the inability of or loss of opportunity for artists to perform. It can also help with efforts to reduce further losses (eg: chartering a plane to get around a transport strike). 
 
How much should I insure?
 
It may not be worth insuring every artist for every cancellation - most artist managers absorb attritional losses of around 5% of commission in a normal year. Only you know where you're most exposed.
 
You could simply cover your top 5 earners, e.g.:
  • Artists/events: you could insure only your biggest earners or most lucrative events.
  • Duration: you can choose the policy duration - 12 or 24 months, or specific tour dates.
  • Perils: look at your contractual obligations - which perils would hit hardest? Illness/injury? Venue issues like flood, fire, loss of power, strike? Transportation - mechanical breakdown, strike, weather?
Artist Profession Income £
Hepburn Actor 80,000
Shakespeare Writer 160,000
Lanza Singer 140,000
Nijinsky Dancer 20,000
Karajan Conductor 30,000
  Total 430,000

 

 

 

 

How much does it cost?
The premium is a rate percent of the total sum insured. Ranging from 1.00% to 3.5%, factors include artists' ages, cancellation history and level of income. On the example given, the premium would be between £3,290 and £11,515.

Be Smart 
Identify your weak spots, quantify the potential impact of cancellation and get specialist advice to make sure you don't pay more than you need to.
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I just love it that you are all in the loop of what we are doing.

Cathy H, Artichoke

 

Ready to work with us?

You can call us to talk more about your business on +1 646 665 7737

What's Covered?

Monthly Payments
Cancel Anytime
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Quote within 24 hrs

About La Playa Arts & Entertainment

Specialist & Independent

Specialist & Independent

The arts present a very specific set of risk exposures – and now your digital and online risks can expose you globally. We understand the risks and pressures you face - and we speak your language. We’ll support you with great advice - helping you make good decisions for your organization.

Our policies can help streamline costs, and we’ll always help you stay ahead of the game in managing risk. The show must always go on - insurance isn’t just about processing a claim, it’s about thinking laterally to solve challenges and problems fast.

At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective!

Advice You Can Trust

…from an expert who understands you

  • Specialist insurance for entertainment and the arts
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture
  • Seamless insurance across US and UK

 

Photo from Arts & Entertainment
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Tracey McCreath ACII

DIRECTOR, MEDIA, ARTS & ENTERTAINMENT

Direct Dial: +44 (0) 1223 200655

Email: tracey.mccreath@laplayainsurance.com

Twitter: @TraceyatLaPlaya

+1 646 665 7737
+44 (0) 20 3865 0149
+44 (0) 1223 200650