IOC seeks in­sur­ance com­pen­sa­tion

Richmond Times-Dispatch - - SPORTS -

The In­ter­na­tional Olympic Com­mit­tee is in talks with in­sur­ers over be­ing com­pen­sated for the post­poned Tokyo Games.

An “open dis­cus­sion” is un­der way with in­sur­ance bro­kers, the IOC’s Olympic Games op­er­a­tions direc­tor Pierre Du­crey said Thurs­day.

The IOC pays for in­sur­ance against the can­cel­la­tion of an Olympics but it has been un­clear if its pol­icy cov­ers the one-year post­pone­ment forced by the coro­n­avirus pan­demic.

Can­cel­la­tion poli­cies de­tailed in the IOC’s an­nual ac­counts cost $14.4 mil­lion for the 2016 Rio de Janeiro Olympics and $12.8 mil­lion for the 2018 Pyeongchan­g Win­ter Games.

The IOC said last month it set aside $650 mil­lion to cover its own po­ten­tial ex­tra costs for the post­pone­ment.

Costs for or­ga­niz­ers in Ja­pan are ex­pected to reach bil­lions of dol­lars, with most of the bill paid for by tax­pay­ers.

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