Michael Phelps is Too Risky to Insure at the Beijing Games

Most of us around the world have been watching the excitement to see how many wins Michael Phelps can get. But, here is something to add to the excitement... did you know that if he earns seven golds in these 2008 Beijing games that he will earn $1 million? According to www.reuters.com, "Four years ago, before the Athens Games, sponsor Speedo offered the U.S. swimmer the seven figure sum if he equaled compatriot Mark Spitz's 1972 record of seven golds at a single Games. Phelps came close, seizing six golds and two bronzes, before winning seven golds at last year's world championships in Melbourne. The offer of an instant million still stands at the Beijing Olympics."

During the Athens games, Speedo had the million insured, which meant if Phelps did break the record then the insurance company would cover the payout when Speedo made the insurance claim. But, this time around, no insurance company is willing to take the risk of insuring Phelps. Speedo will still agree pay Michael though out of their own funds. So, Michael, keep it up... the insurance companies, along with the rest of the world, are sure you are going to break the record too!