Lloyd's of London paid $15 million to cover the losses of the 2012 New York City Marathon, called off due to Superstorm Sandy. The event's parent organization, the New York Road Runners, had lost $18.9 million total, according to documents recently filed with the Internal Revenue Service and accessed by Runner's World.
The payoff with Lloyd's came after more than a month of closed-door negotiations, Runner's World reports, and state officials had to step in to mediate.
The world's largest marathon was canceled two days before it was scheduled to take place, and five days after Sandy severely damaged the city and surrounding areas, leaving roads and subways flooded and millions without power. About half of the more than 50,000 runners who were registered for 2012 requested refunds, accounting for almost all the $18.9 million in losses.
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