Political violence and terrorism insurance: It’s called a “PVT” policy for short, and it’s becoming increasingly popular among major music acts and entertainers facing an uncertain world.
“If it’s a big tour and you’re a high-profile artist and you gather tens of thousands of people per show, you have to have it,” an attorney who represents Britney Spears and Steven Tyler told The Hollywood Reporter, an industry publication.
“A string of deadly attacks at music events — including the Oct. 1 mass shooting in Las Vegas at the Route 91 Harvest festival — is pushing artists to invest in something most didn’t think they needed: terrorism insurance,” wrote Ashley Cullins in an analysis for the publication.
Political violence and terrorism policies have been around for decades, primarily geared to performers who were headed for “volatile regions” in Eastern Europe and other spots. That’s changing, Ms. Cullins said. Artists are being advised to pick up the insurance no matter where their tours take them. In addition, other live events, such as college sports games and business trade shows, are also buying coverage.
It is not cheap. Standard nonperformance insurance costs about 2 percent of the artist’s guarantee and pays a claim if shows are canceled for reasons like illness, injury or natural disaster,” said Ms. Cullin, noting that a “PVT add-on” costs an extra half-percent.
She did the math on a typical big league performance which would net $4 million, in theory, to the artist. She estimates the total insurance premium on such a single show would be about $100,000.
• Jennifer Harper can be reached at jharper@washingtontimes.com.
Please read our comment policy before commenting.