Tampa’s Stadium Sacked with Losses

The Tampa Bay Buccaneers’ home arena, Raymond James Stadium, lost its insurance, and according to Associated Press reports, it will likely have to pay much more for new coverage due to heightened terrorism concerns from the Sept. 11 attacks.

The Tampa Sports Authority (TSA) owns and operates the stadium. It recently received notice of non-renewal on its insurance policy, which expires Oct. 1.

The TSA is expecting a premium increase of at least 30 percent with no guarantee of terrorism coverage.

Since its opening in 1998 the stadium, valued at $170 million, has been underwritten by K&K Insurance Group of Fort Wayne, Ind., with the majority of the risk being covered by TIG Insurance, based in Dallas. According to the Associated Press, K&K is exiting the stadium insurance business.

Premiums for property, liability and auto insurance at the stadium and three area golf courses managed by TMA ran around $266,167 this year, which represented a 30 percent hike in premiums over the previous year.