July 23, 2015 by Boston Globe
Olympic host cities must often guarantee the Games will go on, even if it means dipping into public funds. So in order to reduce risk to taxpayers, Boston’s Olympic bid committee proposes buying a whole lot of insurance.
Coverage would include a $500 million policy to cover lost revenue if an event is cancelled because of a major disaster, $500 million in public liability if anyone is injured, $350 million if a major competitor drops out and ticket sales plummet, $250 in revenue lost because of a terrorism attack, and $200 million if a sponsor fails to pay.
In total, the committee’s $4.6 billion budget includes $128 million for premiums.
The committee plans on working with multiple insurers, and expects to issue a request for proposals from brokers by August 1.
This story was originally published by Canadian Insurance Top Broker.