LONDON (CelebrityAccess) — While many event producers are discovering the limits of their event insurance plan amid widespread cancellations prompted by the ongoing COVID-19 pandemic, organizers of the iconic Wimbledon Tennis Tournament are reportedly well covered for just such a calamity.
As Darren Rovell of the Action Network reported, All England Lawn Tennis Association, which organizes Wimbledon, has paid $2 million annually for insurance that specifically covers pandemics and is set to receive a £250 million payout following the cancellation of the long-running tennis competition.
The insurance was behind the Tennis Club’s decision to cancel this year’s matches instead of trying to postpone the event.
According to Action Network, the club’s decision to take out insurance that covers pandemics was a stipulation of the organization’s Risk and Finance Sub-Committee, who have insisted on such coverage for some time. At a reported cost of $2 million a year, the decision to buy seems prescient.
While both the tennis club and their insurers, AELTC declined to comment to Action Network on the details of the club’s insurance policy, a spokesperson for ALTEC told Rovell that the club “has always sought to buy the optimum insurance coverage available.”
Wimbledon is the oldest and most prestigious tennis tournament in the world. Played on grass courts, the event has been held in London since 1877 and is one of four Grand Slam tennis events held annually around the world.