The battle for New York: NYRR and insurers trying to work out differences, from WSJ.com, note by Larry Eder
The battle for the streets of New York may just be beginning. The NYRR and its insurers, per the WSJ.com article shown below, are having a strong difference of opinion over what the claim for the cancelled marathon.
This is a terribly complicated venture. Not only is there the possibility of refunded race entries (45-60,000 at $250, I believe), there is the issue over refunded hotel, airline and such, especially with EU travelers.
In terms of negotiations, this will be time consuming. This claim will come down to some deft negotiations on the part of the NYRR, Lloyds and the legal fire power that comes with both.
Per the WSJ.com, NYRR, which has revenues per WSJ at $60 million a year (let's agree to disagree and note, $55-$60 million), the NYRR, has to determine what Lloyds and its insurer syndicate are willing to pay in terms of a claim. It is only after that can the NYRR determine if they will give full refunds to applications for the marathon.
We all know the story of the cancelled marathon. Well meaning is a catch all, but the race will be reviewed in PR and marketing classes for some years to come. What does not come out is how much money the sponsors and NYRR have put back into NYC to help Hurricane Sandy victims. The running footwear companies, on the Expo floor, donated real dollars to Hurricane relief with little prompting.
Hopefully, cooler heads will prevail...
This story will be updated.....
New York Road Runners battling with their insurers, courtesy of WSJ.com:http://online.wsj.com/article/SB10001424127887324355904578155361133154162.html?utm_source=Press+Releases+from+Endurance+Sportswire&utm_campaign=6c7b86bc8e-Reporter+ESW+Tues.+12%2F4%2F12&utm_medium=email