9 Hrs
Source:
Los Angeles Times
L.A. urges 28 Olympic group to secure event insurance
Los Angeles city officials have requested LA28, the organization managing the 2028 Summer Olympics, to secure a $650 million insurance policy to cover potential event cancellations caused by disasters such as natural calamities or terrorism. This is in line with practices since the 2001 terrorist attacks, with previous Olympics purchasing substantial coverage—Tokyo, for example, lost over $3 billion due to pandemic-related restrictions and had an $815 million revenue shortfall. City officials are also scrutinizing LA28's financial disclosures and contract transparency, urging the organization to release details of contracts exceeding $1 million to ensure accountability ahead of the Games.
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