NATO insurance cost $5.8 million: report
(Crain's) — Insurance for the recent NATO summit cost $5.8 million and included terrorism coverage from Lloyd's of London, according to a report.
The host committee for the gathering last month at McCormick Place lined up coverage for 46 days around the event, the Chicago Tribune reported.
City Hall gave the Tribune details on the insurance after the paper made a request under Illinois' Freedom of Information Act, the report said. City officials said the cost for the insurance coverage was millions less than other bids, according to the Tribune.
"The comprehensive insurance coverage secured for the NATO summit and paid for by the host committee protected Chicago taxpayers from the liability, litigation and other risks associated with this historic event at the lowest possible cost," the city's law department told the Tribune in a prepared statement, according to the report.
Lloyd's of London provided up to $100 million in terrorism coverage for a price of $1.3 million, the Tribune reported. The Lloyd's policies were for conventional and non-conventional terror, according to the report.
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