Mumbai, Feb 26 (PTI) In a first, private sector general insurer HDFC Ergo today launched a policy that ensures complete refund of an event ticket in case of cancellation. Also Read - Maoist carrying Rs 1 lakh reward on head surrenders
“The sum insured for the policy will be the total cost of the ticket booked in one transaction,” the company said in a statement adding the policy covers event tickets. Also Read - Tugboat capsizes near Alang in Gujarat, four missing
It is an all-risk policy where ticket cancellation by customers, due to any reason, will be covered. The cover indemnifies the event ticketing partners against non-sale of tickets cancelled by customers, the company said in a release. Also Read - RJ-CROREPATI MLAs 158 of 199 Rajasthan MLAs are crorepatis: ADR report
The ticket cancellation insurance policy will be offered for events such as musical concerts, training workshops, sports matches, adventure, etc.
“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,” said Mukesh Kumar, an executive director at HDFC ERGO General Insurance.
Under the policy norms, refund will be initiated if the ticket is cancellation by the customer for any reason including non-allocation of specific seats, and non-sale of cancelled tickets among others.
In case, no seat numbers are allotted, like a music concert, all cancelled tickets will be reimbursed, it added.
This new policy is applicable if the event is cancelled, abandoned, postponed, rescheduled or relocated by the event organiser.
This is published unedited from the PTI feed.