NYC Marathon likely getting millions from Event Insurance December 7, 2012

Event Cancellation Coverage:

A source within Lloyd’s of London told Insurance Journal that Lloyd’s underwriters have accepted liability to the claim and that they are in the process of adjusting. The source, who declined to be identified, also said a large insurance payment has recently been authorized to the New York Road Runners in good faith.

The New York Road Runners generates more than $20 million in revenues from the New York City Marathon every year, according to The Wall Street Journal. Every year, the group receives some $250 in fees from each of the approximately 60,000 runners who participate in the race, though these fees are non-refundable even if the event gets cancelled. The group may offer this year’s registered runners entry into next year’s marathon or the New York City half-marathon next March.

“We have been listening carefully to everyone with an interest in the marathon — runners from New York City, across the nation, and abroad; charities; sponsors; broadcast partners; our international travel partners; and many others who we’re proud to collaborate with for the event that means so much to all of us and to the City of New York,” the New York Road Runners said in a statement.

“We are carefully considering everyone’s views and preferences, which are varied and extensive, and are working diligently with our insurers in the hope that we can provide the best response possible in as timely a manner as possible. Unfortunately, dealing with insurers takes time. We wish that this weren’t the case, and we’ve been pressing our insurers to act quickly and responsibly,” the group stated.

 

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