Recently and much to the frustration of their fans, the popular band Kings of Leon cancelled not only their show in Houston, but also the remaining 29 tour dates in the season due to the “vocal issues and exhaustion” of their lead singer. Thankfully for the band and their supporters, their event cancellation insurance will step up to the mic.
While fans vent their disappointment online and speculate about the cause of the absence, the band is feeling the financial heat from their promoters, venue owners and partners that stand to lose a lot of cash. According to the Insurance Insider, Lloyd’s of London could be dolling out payments to the tune of $15 million to those left in the lurch.
Now, that Kings of Leon ticket you purchased seems like a relatively small investment in the band’s tour in light of the aforementioned figure, doesn’t it?
The ramifications of a performer cancelling tour dates goes beyond frustrating the fan base and affects those that make their living on these events as well. In addition, this affects how many insurance companies are willing to take the risk on future performances with the entertainer. Event cancellation insurance has recently come into play for artists such as Rihanna, Amy Winehouse, Mariah Carey and Britney Spears.
If you’re looking for an artist that is most likely to show up for their own performance, maybe it’s best to think like those in the specialty business insurance and start keeping a