Lloyd’s refused Delhi games

Beazley’s Chris Rackliffe says Lloyd’s refused cover to cancellation or disruption of the Commonwealth Games in New Delhi due to a lack of information about infrastructure and security threats, the FT reports.

State-backed insurers had to provide the cover. The amount of cover for interruption, delay or abandonment of the New Delhi games, according to market sources, is thought to be about $200m to $250m.

“One of the things that made this business difficult is that our underwriters needed a lot more information – all the facts and figures about security precautions and infrastructure,” he said.

“For such cover we need details about construction and safety standards, what commercial contracts have actually been signed and what exactly is to be insured.”