Games insured for cancellation
LONDON (AP) – For the first time, the International Olympic Committee has taken out cancellation insurance on the Olympics: a $170 million (142.65-million-euro) policy to protect against the Athens Games being called off because of war, terrorism or natural disasters. The policy is not to compensate disaster victims but to guarantee that the IOC and national committees and sports federations have enough money to continue operations. IOC President Jacques Rogge told The Associated Press yesterday coverage for full and partial cancellation of the August 13-29 Games had been signed with a London-based syndicate of insurance companies. It covers a «whole range of issues, such as terrorism, earthquake, flooding, landslides, things like that,» Rogge said by phone. He said the move does not reflect any lack of confidence in the Athens Games. IOC Finance Chairman Richard Carrion, who led the negotiations, said the scenario of Olympic venues not being ready on time is «specifically excluded» from the policy, which cost the IOC some $6.8 million.
