General insurance company HDFC ERGO has launched the ‘Ticket Cancellation Insurance Policy’ for corporate and social event organisers, a first of its kind product in the non-life insurance sector. The policy, unveiled earlier this week, will provide a cover for a pre-booked ticket in case of any cancellation by a customer.
The policy will be offered for corporate and social events such as music concerts, training workshops, sports matches, adventure etc., and will protect event ticketing partners (ETPs) against financial losses in the event of cancellation of pre-booked ticket by customers.
“We understand our customers’ unique requirements and looking at developing innovative products for delivering on such needs. The launch of India’s first ‘Ticket Cancellation Insurance Policy’ is designed to assure financial support for any cancellations to event ticketing partners,” said Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company, said.
There is no exclusion in the policy and the ETP will refund the money to customers for pre-booked tickets, said Kumar.
The policy compensates the event ticketing partners against non-sale of tickets cancelled by customers due to any reason. The event of loss will apply when tickets are already sold or cancelled by the customer (s), or refunded by an event ticketing partner to the customer, or due to non-sale of cancelled ticket, if specific seat numbers have been allotted. In case, no seat numbers have been allotted for an event like a music concert, cancelled tickets will be reimbursed.
Under the company’s guidelines, this policy will not respond in case of an event getting cancelled, abandoned, postponed, rescheduled or relocated by the event organizer. “With this product, event ticketing partners can offer tickets to their customers without the fear of a cancelled ticket remaining unsold,” Kumar said.