The New York Road Runners are trying to work out a settlement with their insurer.
The repercussions from the cancellation of this year’s New York City Marathon are far from over.
According to a report in the Wall Street Journal, the New York Road Runners are fighting an ongoing battle with insurers over just how much money it can get back due to the cancellation.
The race was not held due to the effects of Hurricane Sandy.
The Road Runner’s insurer is Lloyd’s.
New York superintendant for financial services, Benjamin Lawsky, is stepping in to try and mediate a settlement. Thus far, the New York Road Runners have kept quiet about the talks, but Lloyd’s spokesman Peter Fitch did issue this statement: “The Lloyd’s market always seeks to settle valid claims as quickly as possible.”
“There could have been no worse time to cancel the race,” Road Runners CEO Mary Wittenberg said in an interview last week. “The people were all here and all the money was spent, except for some police fees and the prize money.”
For More: Wall Street Journal