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Cancellation insurance for NYE event in UK

I'm about to book for a New Year event in a UK hotel. Once paid for, it is not possible to cancel and get a refund. I'm looking to get some kind of insurance that would cover cancellation for a few basic reasons such as medical issues or sever weather. Most polices I've found include the kind of options you would see in standard foreign holiday travel and are thus relatively expensive. I'm just looking for something that would cover the basic costs of around £500. Any suggestions?

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