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Wimbledon organisers set to receive $235 million insurance payout for pandemic cover

The organisers of Wimbledon are set to cash in a whopping $235 million on an insurance payout covering the cancellation of the tournament.

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Tournament organiser have been paying $3 million per year for ‘pandemic insurance’ for the last 17 years, a decision that has paid off with the Covid-19 outbreak. Source: 1 NEWS

For 17 years, the All England Lawn Tennis Association has been forking out $3 million annually to cover themselves for pandemic insurance.

The $51 million spent on pandemic cover panes in comparison to the potential losses the cancellation of the tournament creates and means the Wimbledon organisers are likely to be among very few organisations that are insured for such an event.

All England Lawn Tennis Association CEO Richard Lewis told The Times that the decision to purchase pandemic insurance stemmed from the 2003 SARS outbreak.

The forethought has paid off with the pay out expected to cover half the losses of the cancellation of the tournament.

The cancellation of the event marks the first time since World War II that the prestigious Grand Slam has been cancelled.

Golf's British Open is also reported to have similar cover.