Yet another Toronto live music hot spot is in danger, as The Dakota Tavern may have to close for good next month because of issues with insurance.
On Friday, owner Stephen Reid explained the problems he’s been facing on Facebook, revealing that his insurance company is refusing to renew his policy. Even venues that have been in business for years with no claims aren’t getting their policies renewed, according to Reid.
“The insurance industry is not, with very few exceptions, renewing policies for bars and restaurants,” Reid wrote on Facebook. “They have been happy to take our money whilst we were closed with no rebates or adjustments.”
“We got the Castro’s [insurance] renewed in May with no problems, but as the COVID situation has developed, the insurance broker was telling me that insurers were backing off of the restaurant and bar industry, particularly with live music venues,” Reid explained to blogTO. “The current company that is insuring us is no longer willing to even consider it.”
The Dakota’s current insurance policy expires on October 18th, and if he can’t find another, he’ll have to shut the venue down completely.