New information emerges about the policies the state is interested in for the 2024 Olympics
Boston, Massachusetts, is looking to play host to the 2024 Summer Olympic Games, and those behind the Boston 2024 initiative have released more information about the insurance proposals they believe will provide coverage for those attending the Games. Boston 2024 is responsible for the push to bring the Olympic Games to Massachusetts. The committee behind the initiative has been working on overcoming challenges that prevent the Games from coming to the state by working with the insurance industry.
Boston 2024 releases more data concerning the policies it wants
According to the Boston 2024 committee, there are at least eight types of insurance coverage that the state will purchase in order to minimize the financial risks that taxpayers will be exposed to in the event of unanticipated costs. This coverage is being provided from numerous organizations in the insurance industry and will cost approximately $128 million. The coverage that the state purchases will offer various types of protection, which may mitigate the financial problems that the state will face by hosting the Olympic Games.
Policies from the insurance industry will provide protection against numerous events
The coverage that the state will receive from the insurance industry will provide protection for events that are canceled due to unforeseeable events, such as natural disasters, acts of terrorism, and even labor strikes. Policies will also protect against the costs associated with sponsors being unable to meet their financial obligations, which has been a costly problem in past Olympic Games. Policies will also help cover the cost of reduced ticket sales due to low attendance at certain events, which is typically caused by competing countries dropping out of these events.
Taxpayers may still be exposed to financial risks
While Boston 2024 believes that the coverage will help protect taxpayers, the policies that the state is planning to purchase may not be able to guard against all risks. Taxpayers may still be exposed to overages if the state’s Olympics budget underestimates the costs associated with the event. As such, the state may need more robust coverage that will mitigate the financial risks that residents are exposed to.