OC yet to obtain terror insurance
The organisers of the Commonwealth Games are yet to obtain a terror insurance cover for the 9,000 athletes, Games staff and officials for the sporting event which is barely a fortnight away.other Updated: Sep 22, 2010 00:06 IST
The organisers of the Commonwealth Games are yet to obtain a terror insurance cover for the 9,000 athletes, Games staff and officials for the sporting event which is barely a fortnight away.
Insurance broker Trinity Group, which has to arrange for insurance cover of the CWG, said that the reinsurer Llyod's Syndicate yesterday withdrew from covering any losses arising out of a terror attack during the Games.
"The reinsurer withdrew the terror cover to the Games. Right now there is no event-cancellation cover due to natural calamity, as we will have to renegotiate terms with the reinsurer to work out a new policy," Trinity Group Vice Chairman Akhilesh Jain said.
The withdrawal came a day after terror strike on Taiwanese media person near Jama Masjid. Terror groups claiming to be behind the attack have also threatened to disrupt the Games.
The CWG Organising Committee had sought a hefty insurance cover of about Rs 750 crore in the event of cancellation of the sporting extravaganza. The insurance cover would have compensated for any loss arising from cancellation due to a natural calamity, like earthquake, floods or riot, and terror attacks.
Of all the four PSU general insurers, Oriental Insurance Company was the lowest bidder for providing the insurance cover to the CWG.