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ORLANDO-K&K Insurance Group of Fort Wayne, IN is terminating a $180 million property and casualty insurance policy Oct. 1 on the four-year-old, 65,000-sf Raymond James Stadium, home of the National Football League’s Tampa Buccaneers.

K&K has insured the structure since it opened Sept. 20, 1998. As managing general underwriter for the stadium, K&K shifted most of the risk to TIG Insurance in Dallas.

But K&K severed its contract this year with TIG after that company’s insurance rating was lowered, according to a prepared statement from the Coalition to Insure Against Terrorism and confirmed by Tampa Sports Authority executive director Henry Saavedra. TSA owns and operates the stadium.

K&K “decided to get out of the stadium insurance business because it didn’t have the capacity to handle it, according to the companies,” the coalition statement says.

Meanwhile, an independent insurance consultant has told the TSA to expect a 30% increase in premiums and no guarantee that terrorism attacks will be covered, the statement says.

“It’s a tough bind to be in,” Saavedra says in the same statement.

TSA paid $266,167 in premiums this year for property, liability and auto insurance at Raymond James Stadium and at three area golf courses it manages. The $266,167 amount is a 30% increase from the 2000-2001 season.

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