Insuring the 2014 Soccer World Cup

The fact that the organisers and investors in the event can sleep soundly in the days leading up to the World Cup in Brazil is partly thanks to the British monarch, Edward VII. When the king fell ill in June 1902, shortly before his coronation, the festivities had to be postponed. Because a large number of reservations were then cancelled, a series of court cases ensued, which became known in legal history as the “coronation cases”. For the first time, an event cancellation was recognised as a legitimate reason for withdrawing from a contract.

Nowadays, insurance policies to cover this situation are indispensable. It can prove very costly if a large sporting event is unable to be held as planned, or in a worst-case scenario, if it has to be cancelled altogether. Television channels demand their money back for transmission rights, sponsors for advertising, and visitors for tickets. Mascots and T-shirts cannot be sold, hotels remain empty and travel bookings are cancelled.

Read more on Topics Online – Munich Re’s magazine for insurers.

For the avid sports fans, here’s a list of fabulous football phrases in Brazilian Portuguese.

Andrew Duxbury