No not really. How it works is that the event organiser would be a subscriber to this service and as such would have to set aside a certain amount of money depending on the individual features of the event (venue, number of attendees, various suppliers etc).
Then the individual ticket purchaser would have the option to pay a small additional fee on top of the ticket price (decided by the organiser) and that goes into the fund that’s set aside (also by the organiser).
In the unlikely event of the need for a ticket refund, those whom have opted for TikCover would be able to come to us and submit a refund request. We then assess whether the situation fits the organisers criteria and if necessary, we recommend whether or not ticket/s should be refunded. We call it “assurance” rather than “insurance” because the organiser collects the fees and issues the refunds, not us or any outside company.