Business Standard

BCCI insures World Cup for Rs 246 cr

Related News

Takes a separate cover for terror-related cancellation.

Days before the begins on February 19, the Board of Control for Cricket in (BCCI) has taken an event cancellation cover, in addition to one against terrorism, with a total sum assured of Rs 246 crore.

The will insure against any disruption due to adverse weather or non-appearance of a team.

The tournament will be held across India, and 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 pick 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 and Rs 15 crore, respectively.

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 9 crore for the policy.

As the national reinsurer, General Insurance Corporation of India will provide the reinsurance support.

Read more on:   
|
|
|
|
|
|
|

Read More

WestBridge makes first PE investment from new fund

To invest $36 million in Dr Lal Pathlabs

Quick Links

More news from Finance Rss icon

Bond yields could drop to 8% in 6 months

Government bond yields are seen falling on expectations of a rate cut this financial year, due to a fall in retail inflation. Experts say the ...

SBI MF launches inflation-indexed bond

SBI Mutual Fund on Thursday said it had launched an inflation-indexed bond fund (IIBF) offering, which is aimed at investors with a low to ...

Long term motor policies for commercial vehicles is sometime away

It is estimated that the combined ratio for motor insurance might touch 200% by the end of March 31, 2015

Back to Top