By STEVE YAHN, who has written for and edited national publications for more than 30 years
Marsh Inc. has been chosen to handle the insurance for the Jan. 20 inauguration of President-elect Barack Obama, according to insurance industry sources.
Marsh also handled the Democratic National Convention in August in Denver. The last inauguration for George W. Bush was handled by Aon's Houston office.
Citing a nondisclosure request from the Obama campaign, Marsh would not comment on the arrangement, and the president-elect's national organization was not available for comment.
But typically, inaugural coverage includes general liability, including full terrorism coverage, both domestic and foreign. An expert on inauguration insurance who spoke with Risk and Insurance® this week said cancellation coverage often is opted for.
Business auto insurance for VIPs and certain attendees is required, plus volunteer accident coverage for the thousands of volunteers.
"This is a big exposure," said the expert.
There's also property coverage for miscellaneous office equipment, crime and fidelity insurance to cover credit-card transactions and receipt of monetary donations from donors.
"This year, you can go online and see who actually is donating," added the expert.
Finally, directors' and officers' liability insurance could be included to cover some of the high-profile people who serve on the inaugural committee.
(Read the rest of the Jan. 13
January 7, 2009
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