March 12 (Reuters) - Organizers of the South by Southwest music, technology and film festival (SXSW) in Austin, Texas will not get an insurance payout after the event was canceled last week over the coronavirus outbreak, CNBC reported on Thursday.
“(SXSW) festival says it will be on the hook for tens of millions of dollars because its insurance policy does not cover that (cancellation),” CNBC reported.
SXSW did not immediately respond to a request for comment.
The Austin Chronicle reported here last week the organization does not have insurance covering the cancellation, citing two founders. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sriraj Kalluvila)