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Article: $1.48 billion cover arranged for Chicago 2016; If Windy City is chosen to host Games, insurers are lined up.(NEWS)
- Article from:
- Business Insurance
- Article date:
- August 31, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARK A. HOFMANN
The organization overseeing the bid to bring the 2016 Summer Olympic Games to Chicago says it has arranged for $1.48 billion in insurance coverage should the city be chosen.
The $1.48 billion in coverage consists of $500 million to cover public liability risks, $475 million in event cancellation and abandonment insurance, and $500 million in excess clash cover, according to a document released to city officials last Friday.
Chicago 2016the city's organizing committee, which is led by former Aon Corp. Chairman and Chief Executive Officer Patrick G. Ryanestimates total premium costs associated with hosting the Games would ...