SXSW must pay 'tens of millions' in cancellation costs as insurance excludes virus cover: Report
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torontosun.comThe South by Southwest music, technology and film festival (SXSW) in Austin, Texas, will foot costs related to the event getting cancelled, as disease outbreak was excluded from its insurance cover, a spokesman said on Thursday.“I can confirm that our insurance policy did not cover bacterial infections, communicable diseases, viruses and pandemics,” he said in an email.The Austin Chronicle reported last week the organization does not have insurance covering the cancellation, citing two founders, and CNBC reported on Thursday that the festival will be on the hook for “tens of millions of dollars.”Businesses looking to buy cancellation insurance for events around the world will not be able to get cover for the new coronavirus outbreak,
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