For the first time, the IOC has taken out cancellation insurance on the Olympics -- a $170 million policy to cover the risk of the Athens Games being called off because of war, terrorism, earthquakes or flooding.
The Athens Olympics will be the most heavily guarded in history, with a security budget nearing $1 billion -- more than three times the amount spent on protecting the 2000 Sydney Games. NATO has agreed to help provide security in Athens.
IOC president Jacques Rogge told The Associated Press today that coverage for full and partial cancellation of the Aug. 13-29 games had been signed with a syndicate of London-based insurance companies.
It's the first time the International Olympic Committee has insured any Olympics against cancellation.
The policy does not protect corporate sponsors of the Olympics or television networks, which have billions of dollars riding on the games.
The policy covers a "whole range of issues such as terrorism, earthquake, flooding, landslides, things like that," Rogge said by phone from Lausanne, Switzerland.
He said the move represents "standard prudent judgment" and does not reflect any lack of confidence in the Athens Games.
Las Vegas Sun.
wil.
The Athens Olympics will be the most heavily guarded in history, with a security budget nearing $1 billion -- more than three times the amount spent on protecting the 2000 Sydney Games. NATO has agreed to help provide security in Athens.
IOC president Jacques Rogge told The Associated Press today that coverage for full and partial cancellation of the Aug. 13-29 games had been signed with a syndicate of London-based insurance companies.
It's the first time the International Olympic Committee has insured any Olympics against cancellation.
The policy does not protect corporate sponsors of the Olympics or television networks, which have billions of dollars riding on the games.
The policy covers a "whole range of issues such as terrorism, earthquake, flooding, landslides, things like that," Rogge said by phone from Lausanne, Switzerland.
He said the move represents "standard prudent judgment" and does not reflect any lack of confidence in the Athens Games.
Las Vegas Sun.
wil.