Oriental shells out Rs 1 cr for washed-out ODI
A one-day match between India and Australia was washed out by rain without a ball being bowled, and the government-owned Oriental Insurance Company has been landed with a claim of Rs 6 crore, of which it has already paid out Rs 1 crore. Falaknaaz Syed reports.business Updated: Apr 02, 2010 20:27 IST
It's just not cricket! A one-day match between India and Australia was washed out by rain without a ball being bowled, and the government-owned Oriental Insurance Company has been landed with a claim of Rs 6 crore, of which it has already paid out Rs 1 crore.
The Mumbai Cricket Association (MCA), which was hosting the event, had bought an event-cancellation cover of Rs 6 crore for the seventh one-day international (ODI) that was to be played on November 11, 2009. The match, to have been played at the DY Patil Sports Academy Ground in Navi Mumbai, was called off due to rain.
Ironically, if even one ball had been bowled, the insurance cover would have ended, as MCA had bought a one-ball cover. The premium for the cover was Rs 2.35 lakh.
"Every match you cannot expect to have a loss or a gain that is the basic principle of insurance," said a senior official of Oriental Insurance who did not wish to be identified. "We have released on-account payment of Rs 1 crore to the Mumbai Cricket Association and will pay the remaining claim amount after we get the surveyors' report on the expenses incurred, advertisement revenue and gate money collection."
Oriental Insurance is also grappling with a series of claims from franchise-owners of the Indian Premier League (IPL) for injuries suffered by players in the ongoing tournament. Every auctioned player has a medical emergency cover of Rs 46 crore, and un-auctioned players have a cover of Rs 5 lakh.
"We are assessing claims from IPL matches and I will not be able to comment on it now," the official clarified.