Posted on Jun 11, 2010 by Sergio Ulloa
Part of the problem with helping to insure the World Cup for GBP 6.2 billion
(USD 9 billion) is the fact that you might have to pay out, as Lloyd's of London may find out.
Among the many businesses offering World Cup related deals is an electronics retail store in the UK called Curry's. In an effort to make high-end televisions more attractive to customers, Curry's has offered a GBP 10 (USD 14.60) refund to customers who have recently purchased a high-end TV, for every goal Britain scores during a football match, although the deal excludes penalties and own goals.
Curry's has taken out contingency insurance on the refund policy with Lloyd's, according to the Financial Times. While the amount being paid out is dependent on England's performance, some are estimating Curry's bill to be about GBP 60 (USD 87.6) based on the England national football team's past performances. So far, Curry's hasn't disclosed its total liability on the subject.
Insurance Company Mentioned:
Lloyd's of London
Lloyd's is the world's leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2009, 74 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Financial Service Authority.