The New York Road Runners (NYRR), a nonprofit group that organizes the annual New York City Marathon, received $15 million in insurance proceeds from Lloyd’s of London for the cancelled New York City marathon in 2012, according to a report from Runner’s World.
Runner’s World reported last Friday that the insurance payout figures were included in the nonprofit group’s financial filings with the Internal Revenue Service. The publication also said the New York Road Runners recorded $18.9 million in losses from the 2012 New York City Marathon cancellation before taking into account the $15 million insurance payout.
The New York Road Runners had coverage from Lloyd’s syndicates that write event cancellation insurance. The 2012 race was originally scheduled for Nov. 4, 2012, but was cancelled due to Superstorm Sandy.
A source at Lloyd’s told Insurance Journal in December 2012 that Lloyd’s underwriters have accepted liability to the claim and that “a large insurance payment” had been authorized, but a specific claims amount was not disclosed at the time.
[Update — A spokesperson from the New York Road Runners confirmed on Tuesday that the $15 million insurance payment figure is correct. Lloyd’s was not immediately available to comment.]
Topics Trends New York Excess Surplus Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance 
Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases 
4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says 
Investors Are Increasingly Interested in a Novel Type of Weather Insurance 
