Boston aims to have as much coverage as possible for the upcoming Olympics
Boston will host the 2024 Olympic Games and the city is promising that it will be the most insured Games in history. The City of Boston has acquired some 25 policies accounting for more than $128 million in premiums. The coverage is meant to provide effective protection for the Olympic Games itself as well as those attending the event. As a major sporting event, there are concerns that the Olympic Games could be targeted by terrorist plots, but there are also concerns that natural disasters and similar phenomena could affect the games in a negative way.
City acquires a significant amount of coverage, but it may not be enough
The city is currently working to procure some $475 million in event cancellation coverage, with another $2 billion being spent for surety and performance bonds. The city’s coverage will also provide as much as $100 million in coverage that will help cover the costs of sponsors who fail to live up to their financial obligations. While the city has ambitious plans concerning insurance coverage, it may fall short of meeting its goals.
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Insurance industry analysts have doubts about the city’s ability to provide adequate coverage
Analysts in the insurance industry have expressed doubt that the city will be able to acquire the adequate protection needed for the Olympic Games. One of the issues is that no single policy can account for all risks. As such, there may be some coverage gaps that consumers may have to handle on their own. This has been a problem that has been quite common with Olympic Games in recent years, and while the insurance industry can provide the coverage that is needed to insure the event, the costs associated with doing so can be astronomical.
Olympics has a troubled past with insurance coverage
The insurance industry has long been tied with the Olympic Games, as insurers are often called upon to provide the coverage needed for the event to take form. In the past few Games, coverage shortages have lead to significant financial problems. These issues may be difficult to overcome for Boston, but the city believes that it will have the necessary coverage in place by the time the 2024 Olympic Games come.