HDFC ERGO General Insurance, on Monday launched of `Ticket Cancellation Insurance Policy’, a first-of-its kind product in the non-life insurance sector in India. This new policy will provide cover for a pre-booked ticket in case of any cancellations by the customers.The Sum Insured for the Policy will be the total cost of ticket(s) booked in one transaction of booking.
Ticket Cancellation Insurance Policy will be offered for corporate and social events such as musical concerts, training workshops, sports matches, adventure and the likes. The policy will protect the event ticketing partners against financial losses in case the customer cancels a pre-booked ticket(s) of a scheduled event.
The Policy will enable customers to buy refundable and non-refundable event tickets. The policy indemnifies the event ticketing partners against non-sale of tickets cancelled by customers. The policy is an All Risk policy where ticket cancellation by customers, due to any reason, will be covered. The event of loss would require:
• Sale of ticket
• Cancellation by customer
• Refund by event ticketing partner to the customer
• Non-sale of cancelled ticket, if specific seat numbers are allotted. In case, no seat numbers are allotted, like a music concert, all cancelled tickets will be reimbursed
Commenting on the launch of the new policy, Mr. Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company said, “There is no exclusion in the policy and the customers will be refunded the money for pre-booked ticket(s) by the event ticketing partner. With this product, event ticketing partners can offer ticket to their customer, without the fear of a cancelled ticket remaining unsold.”
This new policy will not respond in case the event is cancelled, abandoned, postponed, rescheduled or relocated by the event organizer.