ID&T to receive coronavirus insurance payout
Netherlands-based electronic dance promoter ID&T will receive an advance insurance payout of €1.3 million to compensate for lost income due to the corona crisis.
The promoter claims that as a result of the cancellation of a number of events of its subsidiaries, it has suffered damage consisting of costs already incurred or owed and loss of profit.
ID&T was forced to cancel this year’s editions of festivals including Awakenings, and the promoter’s longest-running electronic dance music festival Mysteryland, due to the pandemic.
The promoter’s insurers, Nationale Nederlanden, Reaal and Amlin and Chubb, originally argued that the cover taken out by ID&T had a corona exclusion clause.
However, on 29 June, a judge ruled against the defendants, ordering a preliminary payout of €1.3m while valuation company Troostwijk and a loss adjuster arrives at a definitive compensation.
Troostwijk originally estimated that the promoter would have lost more than €11.5m by September due to the coronavirus measures. However, though the judge did not dispute that ID&T has a significant decline in income, the total amount was questioned.
It was decided that ID&T could claim an advance based on an estimated damage amount of €2m in total, on the condition that it provides a bank guarantee for that amount for the benefit of the insurers. The insurers are appealing.
Troostwijk originally estimated the promoter lost more than €11.5m until September due to the corona measures
The ID&T Group includes the companies b2s, ID&T Events, Q-dance, Monumental (Awakenings), Air Events, Art of Dance and VD Events. ID&T organises approximately 80 events a year, including festivals such as Mysteryland, Amsterdam Open Air, Vunzige Deuntjes, Thunderdome, Defqon.1 Weekend Festival, Awakenings, Decibel Outdoor and Masters of Hardcore.
Earlier this year, ID&T announced a management reshuffle which saw the company’s former COO Ritty van Straalen succeeds Wouter Tavecchio as CEO.
A number of campaigns have launched in the Netherlands in an attempt to draw government support for the country’s struggling live sector.
The Dutch live business announced it will participate in Belgium’s Sound of Silence campaign, which calls for supporters to change their profile pictures to an orange “Sound of Silence” cross and tweet with the hashtag #SoundOfSilence.
The country is also taking note from Germany’s initiative, Night of Live, which will see music-related buildings illuminated in red on 25 August.
The Netherlands relaxed its coronavirus regulations from 1 July, removing the capacity limit for seated indoor and outdoor events, provided fans have undergone health checks before entry.
The capacity limit for events that do not undertake health checks increased to 100 for indoor venues and 250 for outdoor shows from 1 July, while festivals in the Netherlands have to obtain licences from local authorities before being able to resume.
Nightclubs and discos remain closed until 1 September – which was the original deadline for the ban on large-scale events. The rules for clubs and similar venues will be reassessed at the end of August.
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