LONDON — The All England Lawn Tennis Association, which organizes the Wimbledon tennis tournament, is set to recover half of its losses from canceling the event thanks to the $2 million pandemic insurance it has taken out every year for the last 17 years.
This year's Wimbledon was scheduled to take place from June 29th to July 12th, but the outbreak of the coronavirus forced it to cancel — the first time since World War Two.
However, Action Network reported that the organizers are set to receive a whopping $141 million payout thanks to the coronavirus pandemic insurance policy it has paid a total of $34 million for.
The insurance policy was reported by The Times in March before the event was canceled.
But most businesses in sports aren't lucky enough or cautious enough to have taken out pandemic insurance, and Action Network claims that many are relying on a very specific clause within their contracts, something called, "force majeure," a French term that means "superior force." The clause is meant to cover unexpected acts of God or nature.
Interestingly, as the pandemic has taken over the world, so too have "force majeure" searches on Google; the last time the term was searched this much was 16 years ago, according to the search engine's trends data.
The All England Lawn Tennis Association has not yet confirmed the figures but did tell Action Network sports business reporter, Darren Rovell that the club has "always sought to buy the optimum insurance coverage available."
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