The International Olympic Committee (IOC) has for the first time purchased a $150 million event cancellation policy to cover financial losses for the Winter Games if they are cancelled because of natural hazards, war or terrorism, said an IOC spokeswoman.
The IOC bought $170 in event cancellation coverage for the Athens 2004 Summer Olympic Games and said it plans to purchase similar policies for the 2008 Beijing Summer Games and the Vancouver 2010 Winter Games.
The policy for the Turin Games would only partially cover the IOC’s losses if the event was cancelled, but the coverage would be sufficient to ensure the future of the next Games, said the IOC spokeswoman, while not providing details on how much of the expected exposure the policy would cover.
