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T20 insurance gets bigger and costlier

T20 insurance gets bigger and costlier
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First Published: Fri, Jun 05 2009. 10 15 PM IST
Updated: Fri, Jun 05 2009. 10 15 PM IST
Mumbai: Insurance covers for 20-over cricket events are getting bigger. After covering the Indian Premier League, Oriental Insurance Co. Ltd has now won the International Cricket Council’s T20 World Cup account.
The state-owned insurer is providing cover to all matches. It is also providing cover to ESPN India for loss of revenues due to match cancellations. The TV channel is covered for a whopping Rs148 crore.
ESPN can claim for loss of advertising revenues even if a match is called off midway due to weather conditions, including rain. However, it cannot claim insurance if the number of ad slots are reduced because a match ended without all overs being played.
All 15 players of the Indian team are protected with a personal accident cover of Rs2.5 crore each, up from the Rs10 lakh cover earlier. Every player is also covered under an overseas mediclaim policy worth $250,000 each.
All 27 matches have an umbrella cover of Rs5-6 crore each for loss of revenues due to weather conditions, Oriental Insurance said the semi-finals and finals could see insurance cover jumping at least 20%.
cnbctv18@livemint.com
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First Published: Fri, Jun 05 2009. 10 15 PM IST