New Hope Network, the producer of the cancelled Expo West 2020 event, said Friday its insurance policy did not cover the sudden cancellation of the Expo West 2020 trade show earlier this month, resulting in “significant costs” being incurred.
New Hope operates as part of Informa Markets, a division of London-based Informa PLC, which earlier this month reported about £2.9 billion (US$3.4 billion) in revenue for 2019. Informa Markets contributed about half of its parent company’s annual revenue in 2019 as well as an adjusted operating profit of nearly $571 million for the year.
Boulder, Colo.-based New Hope had postponed the world’s largest natural and organic products trade show less than 24 hours before it was to kick off March 3 at the Anaheim Convention Center in California over concerns of the coronavirus pandemic. On March 13, the company announced it would not reschedule the Expo West, the first time in 40 years that the company will not host an annual natural and organic products show in Anaheim. New Hope had anticipated a record 88,000 attendees at Expo West 2020.
On Friday, New Hope’s senior vice president of content, Carlotta Mast, and director of sales, Elliot Howell, gave an update via video (see below) on the process of refunds for exhibitors and sponsors.
“The disruption of expo west was detrimental to everyone including us,” said Mast. “By making the decision to suspend expo west voluntarily and without being asked to do so by local, state or federal edict or other force majeure circumstances, our insurance provisions were not triggered and significant costs and liabilities were incurred by New Hope.”
Mast also said its new advisory council helping it administer the $5 million rebate fund that Informa set up will deliver guidance on April 6 on how to disburse the funds.
Check out more on New Hope’s plans to help exhibitors and sponsors recoup losses from the Expo West cancellation on its FAQs page.
VIDEO: Watch the latest update from New Hope on the fallout from Expo West cancellation