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I think that's the insurance you were talking about. Most facilities will need a $1mil umbrella policy. As for hosting the event, if you wanted to do it yourself and do it right, plan on purchasing 3-400 cones at $5 a piece, $3000 worth of timing equipment minimum, a couple computers, several fire extinguishers, flags, a trailer, a generator, etc etc etc...
Unless you have a reason for wanting to put one on yourself, find a club and run with them. I can 100% promise you they would LOVE to have someone on board who wants to take charge and help run the show.
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