poios mporei na to eksigisei auto?

Vasika auto pou katalava apo to keimeno einai pos oi Athanatoi tha kerdisoun 170 ekatomiria dollaria se periptosi pou den oloklirothoun oi agones (diladi polinekri tromokratiki epithesi)... diladi tous simferei na ginei xtipima ston kosmaki? mipos den katalava kala re paidia?

" For the first time in history, the International Olympic Committee has taken out a 170 million dollar insurance policy to cover the games being cancelled in the event of a terrorist attack. " ---------------------- Vaulting Olympic Risk For the first time, the International Olympic Committee takes out a multimillion-dollar policy to hedge against cancellation at the 2004 Olympic Summer Games in Athens. The move ushers in a new era for the IOC, which intends to insure Games until 2010. BY GRAHAM BUCK The decision to return this year's Olympic Games to its birthplace, Athens, has created unintended drama, as construction delays and budget overruns triggered a nightmare scenario of unfinished facilities and cancelled events. However, a renewed commitment from Greece's new government, elected in March, and frantic last-minute building work should see the Games open in Athens, as planned, on August 13 for 16 days' duration. The city is ready to play host to around 1.5 million visitors, 20,000 officials and 15,000 competitors. Their welfare will depend on 70,000 police and soldiers and the anti-terrorism measures drawn up with input from NATO and Israel's intelligence service, Mossad. Threat of terrorist attack has boosted the security budget to almost $1.2 billion, more than three times the amount allocated for the 2000 Games in Sydney. The Athens Games represent "a spectacular concentration of global terror risk," in the words of the London-based political risk analysts and forecasters Exclusive Analysis Ltd. "We are not confident that Greece has been secure in the last months and assume that perpetrators and planners have already visited the country," writes Exclusive Analysis, in its Risk Yearbook 2004. "Nor are we confident that the security preparations will be adequate–or indeed that the construction will be complete." IOC SPLITS WITH GREEKS OVER POLICY The Greek government, which has spent $1.3 billion on constructing and refurbishing sports facilities–in addition to its escalating security budget–is confident all will go according to plan this month. Following March's parliamentary elections, which saw the Socialist Party ousted and replaced by the right-wing New Democracy Party, the new regime stressed its commitment to a successful Olympics, and the laggardly pace of construction accelerated. Construction crews have been working around the clock to finish the sports complex. The Greek government has no doubt the Games will go off without any major hitches. "We are not covered for cancellation, but that is because the Games will not be cancelled," the government has said in a statement. Government officials aren't taking any chances–and are making it known that the country is equipped to handle an event of this magnitude. The Greek army, for example, has bought two German-made bomb disposal robots capable of removing bombs from cars. Police special forces have held security exercises in downtown Athens, and have conducted mock landings along the beaches. The Greek Coast Guard Force has held training exercises in the port of Piraeus to free would-be hostages trapped in a bus by kidnappers. In addition, the government has enlisted the help of seven countries, including the United States and Britain, in drawing up security plans for the Games. Still, doubters remain. While the Greek government is certain nothing will disrupt the Games, the first to take place in the country in 108 years, the International Olympic Committee isn't so sure. IOC HEDGE As a hedge against cancellation, the IOC has purchased insurance for the first time. In late April, the Olympic governing body confirmed that it bought $170 million of cover. Reports suggest the IOC paid a premium of around $6.8 million. IOC president Jacques Rogge, who took up the post in 2001, declared from the outset that he would look into cancellation insurance. Although the organizing committee for the 2002 Winter Olympics in Salt Lake City took out cancellation cover with Lloyd's of London (before the Sept. 11 attacks), the IOC did not follow its lead. Instead, a reserve fund of around $140 million was established after the IOC calculated it would need $185 million to continue operating for four years should the Games be cancelled (figures since revised upward to $160 million and more than $200 million respectively). "Taking out a policy to manage the risk associated with one's core business is standard, prudent behavior for any modern organization," Rogge said. He confirmed that the IOC plans to arrange similar cover for the next Summer Olympics in Beijing in 2008 and the Winter Olympics in Turin in 2006 and Vancouver in 2010. POLICY DETAILS EMERGE James Hopper, director of sporting practice at Marsh, says the IOC had looked at the possibility of insuring the Games in the past, but had not given it serious consideration until relatively recently. A main motivating factor is the IOC's "onerous responsibility" for funding Olympic committees in territories around the world, a number of which wanted their income from the IOC protected. The policy protects the IOC and, through it, the 202 national Olympic committees and most of the 28 international sports federations represented at Athens, with cover extending to compensation for their loss of revenue if the Games are called off. However, IOC finance chairman Richard Carrion has confirmed that cover does not extend to cancellation of events caused by the facilities being unfinished due to construction delays. Another Moscow-style politically inspired boycott resulting in teams not showing up is also excluded. Marsh placed the package for the IOC with a number of North American and European insurers, with American International Group and a major Swiss insurer leading the program and other participants, including Lloyd's. Not all of those insurers approached to participate on the IOC program responded positively. The IOC limit, at "only" $170 million, is comparable to that purchased by NBC to protect its broadcasting rights under a program led by Lloyd's insurer Hiscox. David Bruce, divisional head of Hiscox Syndicate 33 at Lloyd's, reports that when coverage for television companies, sponsors and advertisers is added, the cumulative total will be somewhere between $500 million and $1 billion. "Sponsors, advertisers and producers of souvenirs have all bought different covers and different levels of insurance," he adds. "I don't think the Games will be cancelled because the facilities are not ready. Possibly it won't be as enjoyable as it could be, but people will move heaven and earth to ensure that everything runs as smoothly as possible." Insurance packages have been bought by Athoc, the organizing committee for the Athens Games, which has $180 million of property cover in place with Lloyd's and the London Market. Cover is subject to a maximum sub-limit of $120 million per location. Athoc also has in place $240 million liability cover for damage it could potentially cause to third parties. "The amount of money involved in sport as a business has escalated and rights holders are prepared to pay heavily," says Hopper. "If the Games were to be cancelled, the losses would be huge. Estimating a precise figure is impossible, but it would likely be a minimum of $500 million." The result has been a capacity crunch for a number of underwriters. Some are already committed to participating on covers for the flotilla of large floating liners to provide accommodation for athletes and affluent visitors. The boats will be moored in the port of Piraeus–adding to the number of potential loss scenarios. Earlier this year, ship insurance mutual the International Group of Protection & Indemnity Clubs reduced its maximum war risk limit for individual vessels bound for Athens from $400 million to $50 million because of worries over security. "The Greek government and the Olympic Committee are concerned by terrorism and have spent a lot on security. Obviously you cannot stop a terrorist blowing something up–the Athens bomb explosions in May are proof of that–but you can make it damned hard," says Bruce. "At the Salt Lake City Games, some $50 million to $100 million was put aside for security, but inviting President Bush to open the Games meant that it was secured at no cost." OTHER THREATS James Hopper cites other events with potential to disrupt the Games, an event with a television audience in the hundreds of millions, if not billions of viewers. After terrorism, possibly the greatest concern is the potential for a major earthquake. The city of Athens lies on a fault. In September 1999 the suburbs were hit by a quake measuring 5.9 on the Richter scale. Coming only three weeks after Turkey had been similarly hit, it was the country's worst in almost 20 years and the most severe to hit the city in nearly a century. The quake claimed 143 lives and destroyed 672 homes. Another 2,200 homes were damaged. Robert Muir-Wood, chief risk officer at Risk Management Solutions Inc., the largest catastrophe modeling firm, calls the earthquake risk to the Athens Olympics "fairly remote." "Athens is not in the highest hazard region of Greece and the chance of there being a damaging earthquake in the city through the period of the games is less than 1 in 2000," says Muir-Wood. Aside from earthquakes, underwriters must also take into account other risks that could strike this year's Olympics. They include the death of a head of state, a recurrence of the avian influenza or 'bird flu' epidemic, and a new outbreak of the SARS epidemic. Major payouts on cancellation policies, however, have traditionally been caused by unknown factors or factors impossible to predict, says Hopper. In the United Kingdom, for example, the outbreak of foot and mouth disease in 2001 led to the abandonment of several sporting and other outdoor events such as agricultural shows. "America's presence also weighs heavily on underwriters' minds when cancellation insurance is written," says Hopper. "The market is particularly aware of the impact caused by the U.S. withdrawal from the Ryder Cup in 2001." http://www.riskandinsurance.com/040801choice.asp

den

από the s 12/08/2004 8:24 μμ.


(den) to diavasa olo.Alla profanos ta kratane san egguhsh wste ean stamathsoun gia opoiadhpote logoi oi olumpiakoi agwnes na einai katoxurwmenoi oikonomika , gia na apozimiwsoun pi8anon tous xorhgous h' gia ta lefta pou ka8e tropo 8a exoun skasei sthn Ellada.Einai opws sta dhmosia erga , gia na analavei mia etaireia ena ergo 8a prepei na katavalei egguhtikh apo pistwtiko idruma.

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