IPL coughs up 40% more as terror cover premium | india | Hindustan Times
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IPL coughs up 40% more as terror cover premium

With insurance cover against terrorism attacks turning costlier, the IPL organisers and the Board of Control for Cricket India have shelled out 40 per cent more in premium payments to secure the tourrnament’s second season from attacks, Falaknaaz Syed reports.

india Updated: Apr 09, 2009 23:09 IST
Falaknaaz Syed

The scars of the 26/11 attacks in Mumbai last year are showing on Indian Premier League cricket that heads for South Africa this year in its second season.

With insurance cover against terrorism attacks turning costlier, the IPL organisers and the Board of Control for Cricket India have shelled out 40 per cent more in premium payments to secure the tourrnament’s second season from attacks.

The BCCI-IPL combine has bought a terrorism cover for Rs 240 crore to cover their risks in their contract with Sony TV while the sponsors together have bought terrorism cover for a sum insured of Rs 135 crore. Sony has taken a separate cover for broadcasts.

An Oriental Insurance official confirmed that the premium has increased by more than 40 per cent, but refused to give the absolute figure.

The terrorism cover, mainly against the tournament’s cancellation, is a one-ball cover where the risk with Oriental Insurance will cease when the first ball in the match is bowled.

“The Rs 135 crore worth terrorism cover that has been bought by the sponsors and has been reinsured from the (overall) pool. Therefore the premium has increased by 40 to 50 per cent. Now we are contemplating whether to reinsure the Rs 240 crore terrorism cover taken by BCCI/IPL to the terrorism pool or reinsure it with foreign reinsurers,” said an Oriental insurance official.

Last year, too, the terrorism policy involved an insured sum of Rs 375 crore.