The losses that stadiums and their owners suffer from
Beyond just core commercial property insurance, these venues may or may not have flood insurance, business interruption insurance to cover events that have to be canceled due to damage, or coverage for equipment and vehicles inside the venue, Reilly noted.
The risks can also vary often because of a stadium or venue's location, he added. Generally large stadiums are surrounded by parking loss, making wildfires less of a threat, but smaller facilities could be closer to neighborhoods, other buildings or wooded areas.
How stadiums and athletic venues handle insurance and risk can depend on their ownership. If a facility is publicly owned, coverage gaps could be up to a city government to cover, as is happening with Tropicana Field, where
Publicly owned venues could be insured as well as private ones are, according to Reilly, but this depends on a municipality's willingness, he said. "It's a decision that could put the taxpayers at fairly high risk, in an area where they're probably not aware of decisions that are being reached on that subject," he said.
