Who insures our US Olympic athletes’ medals?

Insurance giant hopes to give ‘athletes peace of mind’

Who insures our US Olympic athletes’ medals?

Insurance News

By Bethan Moorcraft

World snowboarding legend Shaun White made history on Tuesday, becoming the first ever snowboarder to win three Olympic gold medals in men’s halfpipe. His astonishing victory also took the USA to its 100th gold medal since the inaugural Winter Olympic Games in 1924.  

White’s not the only US athlete with cause to celebrate in Pyeongchang. Korean-born US athlete Chloe Kim stunned viewers with a gold medal-winning snowboard halfpipe masterclass, pushing teammate Arielle Gold to third place in the same event. Jamie Anderson and Red Gerard took gold in the men’s and women’s snowboard slopestyle events, Chris Mazdzer won silver in the men’s singles luge, and Team USA took bronze in the figure skating team event, among a host of other medal-winning performances this week.

Winning an Olympic or Paralympic medal is a huge milestone in an athlete’s career – some say there’s no glory greater. The sentimental value of the sporting triumph cannot be matched, but the gold, silver or bronze medallions placed around the athletes’ necks can.

That’s why Liberty Mutual Insurance, the fourth-largest property and casualty insurer in the US, partnered with the US Olympic Committee to be the Official Protector of Team USA Medals for the PyeongChang 2018 Olympic and Paralympic Winter Games.

The insurer has been providing coverage for Team USA Olympic medals since the Sochi 2014 Olympic and Paralympic Winter Games. The process to replace a lost or stolen Olympic or Paralympic medal requires the athlete to file a request through the US Olympic Committee. The partnership with Liberty Mutual ensures athletes are not financially responsible to replace their treasured prizes should anything unexpected happen to them.

“We understand that an Olympic or Paralympic medal is the ultimate reward for athletes who have dedicated their lives to their sport,” a Liberty Mutual spokesman told Insurance Business. “As we do with our customers, we are protecting Team USA athletes’ most prized possessions - the medals they win in PyeongChang.

“We hope this gives our athletes peace of mind that someone will be standing with them should something happen to their medals.”

 

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