NCAA underinsured for March Madness cancellation - Printable Version

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NCAA underinsured for March Madness cancellation - oldalum - 04-21-2020

to the tune of $530 million. Lost revenue is $800 million, insurance is for $270 million. Until 2015 they had kept $500 million in savings to make up the remainder as self-insurance, but then decided to spend it because, well, no one had anticipated a pandemic. Seems like they were unclear about the concept of insurance. Wash Post article (paywall) As a result, the NCAA has to reduce its payout to conferences and schools this year from $600M to $225M. (I didn't put this as an Outside Topic because the reduced payout will presumably affect Stanford sports)

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RE: NCAA underinsured for March Madness cancellation - Mick - 04-21-2020

(04-21-2020, 10:17 AM)oldalum Wrote:  to the tune of $530 million. Lost revenue is $800 million, insurance is for $270 million. Until 2015 they had kept $500 million in savings to make up the remainder as self-insurance, but then decided to spend it because, well, no one had anticipated a pandemic. Seems like they were unclear about the concept of insurance. Wash Post article (paywall)  As a result, the NCAA has to reduce its payout to conferences and schools this year from $600M to $225M. (I didn't put this as an Outside Topic because the reduced payout will presumably affect Stanford sports)

Mmm.  I love the smell of lawsuits in the morning...

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RE: NCAA underinsured for March Madness cancellation - BostonCard - 04-21-2020

Wimbeldon, on the other hand, actually held pandemic insurance.

https://www.sbnation.com/tennis/2020/4/8/21214031/wimbledon-canceled-pandemic-insurance-141-million

They've been paying for 20 years.

BC

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RE: NCAA underinsured for March Madness cancellation - winflop - 04-22-2020

Well at least they weren't as dumb as the US Olympic Committee, who decided not to buy any insurance for the 2020 games - for the first time

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RE: NCAA underinsured for March Madness cancellation - oldalum - 04-22-2020

(04-22-2020, 05:29 AM)winflop Wrote:  Well at least they weren't as dumb as the US Olympic Committee, who decided not to buy any insurance for the 2020 games - for the first time

Of course they didn't: why keep paying all this money out and never getting any back. They decided they weren't going to be played for suckers any longer. 

(here's a thought: could it be more expensive because the professionals who know a lot about these risks have concluded the risk/expense of loss has increased?)

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