The New York Road Runners (NYRR), a nonprofit group that organizes the annual New York City Marathon, received $15 million in an insurance payout from its insurers, Lloyd’s of London and its syndicates, for the cancelled marathon in 2012, according Runner’s World in its June 20 report. The NYRR confirmed the payout figure to Insurance Journal. Lloyd’s declined to comment on the report.
Runner’s World said the figure was included in the NYRR’s filings with the IRS. The NYRR had coverage from Lloyd’s syndicates that write event cancellation insurance. The 2012 race, which was scheduled for Nov. 4, 2012, got cancelled due to Superstorm Sandy. A source at Lloyd’s told Insurance Journal in December 2012 that Lloyd’s underwriters accepted liability to the claim and that “a large insurance payment” had been authorized, but the claims amount was not disclosed at the time.
Topics Excess Surplus Lloyd's
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