Currently, tickets booked for events online cannot be cancelled by customers.
There have been numerous instances where you may have booked a ticket for a movie or concert but ended up not going. Private general insurer HDFC ERGO has launched a ticket-cancellation policy, which is one of the first such product in the industry.
This new policy will provide cover to organisers/online ticketing players for a pre-booked ticket in case of any cancellations by the customers. In other words, customers will have the option to buy refundable and non-refundable event tickets.
Here, 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.
But, in the event of a loss would require sale of ticket, cancellation by customer, refund by event ticketing partner to the customer.
While on one hand, currently there is a sharp rise in online transactions, online tickets cannot be cancelled.
Ticket Cancellation Insurance Policy by HDFC ERGO, 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.
Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company said, “The launch of India’s first ‘Ticket Cancellation Insurance Policy’ is designed to assure financial support for any cancellations to Event Ticketing Partners. 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.”The sum insured for the policy will be the total cost of ticket(s) booked in one transaction of booking. HDFC ERGO will tie-up with ticketing players who will in turn be able to offer this product to their customers. Premium details have not yet been disclosed.