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Mumbai, February 10, 2011
With little over a week left for the International Cricket Council (ICC) World Cup to begin, the Board of Control for Cricket in India (BCCI) has insured the mega event for a total sum of Rs 246 crore.
The hosts, BCCI, is not taking any chances when it comes to an event of such magnitude and has taken an event cancellation cover, in addition to one against terrorism.
The event cancellation cover will insure against any disruption due to adverse weather or non-appearance of a team.
The tournament will be held across India, Bangladesh and Sri Lanka, and will end on April 2. Of the 49 matches, 24 will be played in India, with the final being hosted by Mumbai.
A senior executive of the National Insurance Company said the policy would kick in if BCCI's revenues were affected due to adverse weather. Also, in case of non-appearance of teams, it would not lose out.
The initial matches are insured for Rs 1-1.5 crore each. The semi-finals and the final have been insured for Rs 10 crore (Rs 100 million) and Rs 15 crore (Rs 150 million), respectively.
BCCI has taken a Rs 123 crore policy for protection against terrorist attacks. Post the Mumbai attacks in November 2008, organisers have started taking separate terror-related covers. The rates have gone up significantly by 25-30 per cent.
The state-owned insurer had earned a premium of around Rs 3-4 crore for a total cover of Rs 246 crore.
Insurance for players, however, has not been taken so far. An individual team might take a cover for their players, the executive said. It is understood that organisers will take a Rs 2.5 crore cover for every player.
ESPN, the official broadcaster for the ICC World Cup, has got itself a separate insurance cover of Rs 600 crore. The broadcaster has paid a premium of Rs nine crore for the policy.
As the national reinsurer, General Insurance Corporation of India, will provide the reinsurance support.