Comprehensive effort to protect taxpayers includes insurance plan covering a broad range of risks
The Boston 2024 Partnership today released a comprehensive risk management plan that includes a validated insurance package to be put in place if Boston wins the opportunity to host the 2024 Olympic and Paralympic Games. The insurance would provide an unprecedented level of financial protection for building venues and operating the Games.
"Between insurance and the other safeguards we have put in place, we have set a new standard for protecting the best interests of taxpayers and ensuring that the Games operate entirely with private financing. In doing so, we are maximizing the many lasting benefits for our communities of hosting the Games and significantly minimizing risk," said Steve Pagliuca, chairman of Boston 2024. "Following extensive due diligence with insurance experts, I can say with certainty that Boston will have the most insured Games in Olympic history."
The goal of the risk management plan is to ensure that tax dollars would not be necessary to build venues or operate the Games in the unlikely event of lower-than-expected revenues or higher-than-expected costs. Besides insurance, other risk management safeguards include conservative budget projections and contingencies of over $600 million, comprising separate contingencies for every venue and a $210 million operating contingency/surplus.
Collectively the insurance policies included in the risk management plan would provide billions of dollars of coverage against a broad range of unlikely risks during the construction of venues, the operation of the Games themselves, and the wind-down period after the Games.
"This plan is the product of intensive consultation with the world’s leading and most experienced insurance brokers who have spoken to various insurers and reinsurers, and we are confident that it provides robust coverage for the range of risks associated with major undertakings like hosting the Games," said Heidi Lawson, head of the Crisis, Risk Management and Executive Protection Practice at Mintz Levin and a 30-year veteran of the insurance industry. Lawson, who holds the Chartered Property and Casualty Underwriter designation, led the development of the insurance plan on behalf of Boston 2024.
To read the full plan, please click here.
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