POSTED: July 24th 2015

Boston 2024 aiming to be the most insured Games in Olympic history

Boston 2024 chief and co-owner of the Boston Celtics, Steve Pagliuca / Boston 2024
Boston 2024 chief and co-owner of the Boston Celtics, Steve Pagliuca / Boston 2024

BRITTANY MILLSAP (USA) / Sports Features Communications 

(SFC) Today the Boston 2024 Partnership compiled and released a risk management plan that consists of a validated insurance package if Boston is to host the 2024 Olympic and Paralympic Games.  The insurance would assure an exceptional level of financial protection in order to build the venues and other operations for the Games.

 Chairman of Boston 2024, Steve Pagliuca spoke of the plan briefly saying, "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. Following extensive due diligence with insurance experts, I can say with certainty that Boston will have the most insured Games in Olympic history."

The risk management plan will be put in place to ensure that tax dollars will not be necessary in the case that lower-than-expected revenues or higher-than -expected costs occur. The plan also includes conservative budget projections and contingencies of over 600 million. 210 million dollars will be set aside for each separate venue for operating contingency/surplus.

This plan will provide billions of dollars of coverage against an enormity of unlikely events or risks that could occur during the construction of the venues, the operation of the Games themselves, and the destruction and 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. Lawson, a 30-year expert of the insurance business, led the creation and development of the risk management plan on behalf of the Boston 2024 Partnership. 

** BRITTANY MILLSAP is a graduate of Saint Leo University with a Bachelor's Degree in Sport Business. She has two years of sports media experience with LB3 Lacrosse. She plans to continue her education in sport media while attending grad school at Lindenwood University.

Keywords · Olympics · Boston 2024

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