Organizers of the 2008 Beijing Olympics took their first step towards developing a comprehensive insurance program, purchasing an insurance package to guard against liabilities resulting from the 2008 Games.
The liability insurance policy for the Beijing Olympics was signed yesterday between the Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG) and PICC Property and Casualty Co Ltd (PICC P&C), China's largest public non-life insurance company.
The policy, which will be effective from January 1, 2007, until the conclusion of the 2008 Paralympic Games, covers public liability, product liability, professional liability and employer's liability, in addition to liability coverage for the Paralympic Games. The policy will cover risks, such as food security, intellectual property rights, venue safety and medical services.
"It is the most complete and extensive insurance policy designed for the Olympic Games," said PICC P&C President Wang Yi. "The coverage of the package exceeds those for the previous Games."
But both parties refused to disclose the value of the policy.
According to PICC P&C officials, the policy has been designed in line with the insurance experience from the previous Games and the claim settlement process will be straightforward.
"In order to stage a high-level Olympics, it is vital to avoid risks to the maximum extent, reduce losses and ensure safety," said Liu Jingmin, executive vice-president of BOCOG. "The signing of the liability insurance policy is the first and crucial step to implement the Comprehensive Insurance Program for Beijing 2008."
As the official insurance partner of the Beijing Olympic Games, PICC P&C has provided a series of insurance services for BOCOG, including Olympic venue construction, the launch of the Olympic weather satellite, Olympic volunteers, and Olympic test events.
According to the contract, PICC P&C will provide BOCOG with more insurance services next year, including property, ship and personal accident insurance.
(China Daily December 28, 2006)