Boston 2024 releases information about policies it wants from the insurance industry

Insurance Industry Boston sports

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…

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Insurance industry is uncertain that Boston can cover the 2024 Olympic Games

Olympics insurance news

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,…

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Insurance industry may not be liable for payouts relating to Boston Marathon Bombings

Insurance Industry Boston sports

Insurance industry may be exempt from claims payouts The Boston Marathon Bombings continue to send ripples throughout the insurance industry as more details concerning the disaster come to light. Last week, President Obama declared that last week’s bombings were, in fact, an “act of terror” perpetrated by a malicious party. The federal government has been pressured to avoid the term “terrorism,” however, due to the implications that could have within the insurance industry. Classifying the disaster as terrorism could potentially exempt insurance companies from providing benefits to policyholders. Bombings may…

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Irene Makes Landfall Near Cape Lookout, North Carolina

BOSTON, Aug. 27, 2011 – According to catastrophe modeling firm AIR Worldwide, the eye of Hurricane Irene made landfall near Cape Lookout, North Carolina at about 7:30 am EDT, Saturday, August 27. As of the National Hurricane Center’s (NHC) 11:00 am advisory, Irene-now a Category 1 storm (down from Category 2 status yesterday)- Irene is moving to the north-northeast at about 15 mph, and this forward motion is expected to continue over the next 24 hours. “Maximum sustained winds are near 85 mph,” said Dr. Tim Doggett, principal scientist, AIR…

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No one signed up for Group Insurance Commission (GIC)

The Group Insurance Commission’s open enrollment for 2011 ended this week and no one signed up for it.  This was designed to help municipalities save millions a year.  Joel Barrera, deputy director of the Metropolitan Area Planning Council, a planning organization for 101 Boston area communities said, “The experiences of the 31 municipalities and regional government units that have joined the commission since 2007 clearly demonstrate the potential for substantial savings.” Barrera also stated, “We know the GIC saves millions of dollars, but we also know municipalities are not able…

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