As the Olympics come to a close and the medals are all handed out, what do the Olympians do with their medals? What happens if something were to happen to their medal? Liberty Mutual is there to help.
Back in 2013, right before the 2014 Winter Olympics in Sochi, Liberty Mutual signed a contract with the US Olympic Committee to be the insurance company for all medal winners in the Olympics. Liberty Mutual is the first insurance company to insure the US teams medals. This contract will extend until 2020 after the Tokyo Summer Olympics.
Luckily for Liberty Mutual, no claims on lost, stolen or damaged medals have occurred since the deal was in place. Hopefully, nothing happens to them. But how much do you think the medals actually cots to produce?
Over 100 years ago, the Olympic medals were made out of solid gold, silver, and bronze. You may see athletes using the popular pose from this time, the biting of their medals. Unfortunately with today’s athletes, not all the medals are 100% pure.
The gold medals are made up of mostly silver and only a light coating of gold. Gold medals cost roughly $560.00 to make. The Silver medals are mostly just that, with some Polycarbonate and cost roughly $320.00. The lucky winner with a pure medal goes to, bronze winners. A bronze medal is made up of 100% bronze and costs roughly $5.00 to make.
Regardless of what the cost or material, these medals are still priceless. Not to mention the title that follows you after the Olympics is one that many seek to gain.