With so much money at stake, neither the organisers of the Indian Premier League (IPL) that began on Friday, nor the owners of the teams participating in the tournament are taking any chances. They hope nothing goes wrong, but in case something does they are insured. The total insurance cover they have taken is over Rs 7000 crore — almost all of it with Oriental Insurance.
All the 104 auctioned players are insured for emergency medical expenses at Rs 45.52 per player. But they also have additional insurance, depending upon how valuable they are to their teams. Kieron Pollard has the maximum additional insurance — Rs 15 crore.
Even Sachin Tendulkar, insured for Rs 8 crore, is well behind.
The player’s family will be paid if the player dies, and the team will be reimbursed for any medical/emergency expenses because of injury.
“The insurance bought by the franchises for each player depends on the match fee he has to be paid,” said Reena Bhatnagar, Deputy General Manager, Oriented Insurance Company.
In this third round of the IPL, unlike the last two occasions, even the 33 umpires have been insured. The trophy of the tournament, the IPL-DLF cup, is insured for RS 47 lakh.
Six of the eight teams have bought ‘cancellation covers’ too – at Rs 5 crore per match – which will be paid if a match is cancelled due to a terror attack, rain, fire, flood or storm.
Apart from franchises, the IPL has also bought event cancellation policies for the semi-final, the final and the third place match. If any of these are not played for any reason, IPL is covered for between Rs 5.5 crore to Rs 6 crore per match.
Oriental Insurance sources, however, refused to divulge how much premium it earned by providing this cover.