Sporting Event Cancellation Insurance

[TU Pablo Jr]

I did a little research on Sporting Even Cancellation Insurance. I assume that most of the NCAA schools and conferences have such insurance. For instance, the NCAA collected $270 million when the Men's Basketball Tournament was cancelled. Of course if the Tournament would have been played the NCAA was projected to make $660 million.

I wonder if some of the posturing by the Big 12, SEC, ACC to play this year is being driven by insurance requirements.

Through my minimal research I found that new policies have exclusions for Covid 19 claims. Many of the existing policies have exclusions for SARS but most commentators argue that does not include Covid 19. Some policies include requirements that to collect there has to be a complete government quarantine.

 

[TUcandoit]

If they have insurance on this then wouldn't playing in the spring break the contract? You would be collecting insurance on something that isn't cancelled but postponed.

 

[HuffyCane]

There are a lot of vague force majeure clause cases popping up that only include acts of God. Since the burden is on the party claiming relief, they are failing for lack of evidence this wasn’t an accidental spill from a lab or intentional. You can bet insurance companies are arguing the same with their policies.

 

[TU Pablo Jr]

It all depends on the terms of the contracts. There are probably several variations. Possibly the PAC and Big 10 have contracts that will pay if certain things happen. I don't know what the things are. On the other hand, the Big 12, ACC and SEC contracts are more stringent and require some kind of government quarantine. Perhaps those concurrences are playing out the string to try to fit into the requirements. This may just be my crazy conspiracy theory. On the other hand, this may be the back story that is driving things.