Fear factor

Bucs' stadium loses insurance; terrorism a cost issue

TAMPA, Fla. (AP) -- Raymond James Stadium, home of the Tampa Bay Buccaneers, has lost its insurance, and heightened terrorism concerns from the Sept. 11 attacks likely will make new coverage expensive.

The stadium's owner and operator, Tampa Sports Authority, received a notice this month stating its insurance policy would not be renewed and has until Oct. 1 to find other insurance for the 65,000-seat stadium.

An independent insurance consultant told the TSA to expect a 30 percent increase in premiums and no guarantee that terrorism attacks will be covered.

"It's a tough bind to be in," TSA executive director Henry Saavedra said.

The $170 million stadium has had the same insurance since it opened in 1998. K&K Insurance Group, based in Fort Wayne, Ind., is the managing general underwriter for the stadium, shifting most of the risk to TIG Insurance in Dallas.

K&K severed its contract with TIG after the company's insurance rating dipped slightly. It then decided to get out of the stadium insurance business because it didn't have the capacity to handle it, according to the companies.

The sports authority paid $266,167 in premiums this year for property, liability and auto insurance at Raymond James and three area golf courses it manages, up 30 percent from the 2000-2001 season.

 

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