Insurance for the Olympic Games a major issue for UK insurers

Insurance professionals prepared to provide coverage for the Olympics

London-olympics-2012There is a scant one hundred days before the 2012 Olympic Games begin in the United Kingdom. Preparations for the event are still underway and London’s insurance community is beginning to feel the pressure. Many of the city’s insurance agents and providers have been working for over a year to establish a safety net for the event. The Olympics is fraught with risk as the event attracts thousands of foreign visitors and athletes and collects them into a single, localized area. The insurance policies created to protect the UK from the risks of the Olympic Games are steeped in secrecy, however, as many insurers have been sworn to confidentiality for varying reasons.

Policies shrouded in secrecy for the sake of safety

The insurance policies for the Olympic Games are unlike any that are common in the world of sports. Because many of the clients coming to the country to enjoy the games are foreign dignitaries, their personal information is regarded as highly sensitive. As such, the policies these clients rely on for some degree of protection must also be considered sensitive. In this case, secrecy is used as a tool to protect these clients from opportunistic parties that may want to exploit their attendance at the event.

UK insurers expect to protect against a myriad of complications

Making the provisions of these insurance policies public could put clients at risk of fraudulent or exploitative claims from third parties. Insurance fraud is nothing new, especially in the UK, and secrecy can help companies and policyholders from having to combat those looking for quick profit. Despite the secrecy, these insurance policies typically fall into three categories: Liability, event cancellation, and property damage. The UK insurance industry is well prepared to handle any problems that would fall into these categories.

 

Though coverage tends to fall into these three categories, the policies within the categories themselves must be complex and account for a wide range of risk. Because the Olympic Games is considered an international sporting event, it attracts a large number of people from all over the world. Insurers must account for the possibility of civil unrest, organized terrorist attacks, and even cyber terrorism. The UK insurance industry has prepared for the event for more than a year and may be ready to handle any of the problems that could be caused by the Olympic Games.

Not only are UK insurance agents preparing for a huge influx of crowds, so are businesses just like paydayloan.org.uk and many more retail shops  must be well staffed. Only time will tell how well business owners have prepared.

 


Article: Insurance for the Olympic Games a major issue for UK insurers
Article Source: Live Insurance News
Author: Stephen Vagus


Insurance for the Olympic Games a major issue for UK insurers

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