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Cleveland Special
As in "Special Event," and specifically Special Event Insurance, about which we first wrote 9½ years ago:
"World Furniture Mall "promised that if the Bears shut out the Packers in the season opener at Lambeau Field in Green Bay, Labor Day weekend shoppers would get their furniture free."
Fortunately, the folks at WFM had purchased a one-off policy that paid most (all?) of the $300,000 at risk.
What's that got to do with Cleveland, you ask? It's not as if the Browns are in particular danger of winning any championships anytime soon, so why bring it up?
Well, folks following the presidential campaign know that this year's Republican convention takes place in "The Rock and Roll Capital of the World," and that this means a lot of out-of-towners, including revelers, and others. Unlike the Green Bay scenario, such a policy isn't exactly available off-the-shelf. So the city has hired a "risk consultant" (why not just say "broker?") to arrange for "a $10 million insurance policy, required under the terms of Cleveland's hosting of the convention."
I of course have zero idea how much such a policy will cost, but assume that the premium will involve at least a comma or two. Which also (presumably) means a nice commission check - that is, unless the upfront $1½ million brokerage fee already takes care of that.
Oh, what will this particular special event policy cover?
Good question:
"The policy would protect the city and its employees against any claims resulting from hosting and providing security for the convention."
Which is a nicer way of saying "protecting the financial interests of these security folks when they have to handle protesters."
Mayor Daley must be spinning furiously.
[Hat Tip: Mark Naymik]
"World Furniture Mall "promised that if the Bears shut out the Packers in the season opener at Lambeau Field in Green Bay, Labor Day weekend shoppers would get their furniture free."
Fortunately, the folks at WFM had purchased a one-off policy that paid most (all?) of the $300,000 at risk.
What's that got to do with Cleveland, you ask? It's not as if the Browns are in particular danger of winning any championships anytime soon, so why bring it up?
Well, folks following the presidential campaign know that this year's Republican convention takes place in "The Rock and Roll Capital of the World," and that this means a lot of out-of-towners, including revelers, and others. Unlike the Green Bay scenario, such a policy isn't exactly available off-the-shelf. So the city has hired a "risk consultant" (why not just say "broker?") to arrange for "a $10 million insurance policy, required under the terms of Cleveland's hosting of the convention."
I of course have zero idea how much such a policy will cost, but assume that the premium will involve at least a comma or two. Which also (presumably) means a nice commission check - that is, unless the upfront $1½ million brokerage fee already takes care of that.
Oh, what will this particular special event policy cover?
Good question:
"The policy would protect the city and its employees against any claims resulting from hosting and providing security for the convention."
Which is a nicer way of saying "protecting the financial interests of these security folks when they have to handle protesters."
Mayor Daley must be spinning furiously.
[Hat Tip: Mark Naymik]
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