Insurance quiz greets backers of Boston's 2024 Olympics bidReprints
Show me the insurance, city officials told proponents of Boston’s bid for the 2024 Olympic Games.
Boston 2024 officials on Monday presented the latest version of a $4.6 billion plan to bid for the Olympics, which includes $128 million for insurance premiums, the Boston Herald reported.
“What we’re looking at is making these the most insured games ever. It’s a top priority here that we don’t expose the public to needing to make any expenditures because of these obligations,” the newspaper quoted Meghan Burke, a member of law firm Mintz, Levin, Cohn, Ferris, Glovsky & Popeo P.C.
Boston 2024 officials said the plan includes purchasing $2 billion in surety and performance bond coverage, $475 million in event cancellation insurance, and $50 million to $100 million in coverage for unmade sponsor payments.
Boston 2024 plans to approach 10 to 25 insurance brokers in upcoming months to procure all the necessary insurance, Ms. Burke said.
Even if insurance is procured, Patricia McCoy, Boston College insurance professor of law, told the newspaper there could be exclusions that limit its protection.