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Last updated on Wednesday, December 21, 2005
INDIANAPOLIS—The state is taking out a big insurance policy against the possibility of problems with the Colts’ new stadium.
The Stadium and Convention Building Authority will spend five-and-a-half-million dollars to take out 20-million dollars in insurance. That's about three-million more than the authority expected to spend--the Authority will either tap its contingency fund or cut the budget elsewhere.
The Authority also doubled the amount of coverage it'll purchase. Chairman David Drick says no one questions the abilities of the contractors, but says with a project this big and this complex, some problems are inevitable. Five recent stadiums elsewhere have filed claims, including two for more than 20-million.
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