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Champions League T20 Insurance cover set to soar in 2014 edition

Champion’s League T20, slated to take place in India from this month, is set to get bigger and better-at least in terms of insurance cover initially.

The much anticipated league in India, slated to begin from 17 September, would witness a jump of almost about 100 per cent in cover for each match taking the total cover amount in the range of Rs 150-200 crore. This would be at par with of what the Commonwealth Games were covered for in New Delhi in 2010.

“We have got the coverage policy in place and it would be no less than a standard IPL (Indian Premier League) match cover. We have also got the coverage for the matches in case of terrorism disrupting the game,” BCCI secretary Sanjay Patel told Business Standard.

It is learnt each match is covered for an amount of about Rs 5 crore, at par with IPL matches and higher than what CL T20 matches usually were covered for when it took place outside India. Around 30 matches areslated to take place during the league in India this year. The eventcancelation policy would also see damages covered in case of terrorist backedactivities disrupting the tournament in any manner in India. AOL and Allianz arelearnt to be the brokers for the richest cricketing governing body for gettingthe coverage for 2014 CLT20 this year in India. An insurance industryofficial said, “Cover for the league this year would be higher than the usualsince it is happening in India. So stakes will be higher in terms of ratings,gate revenues and such aspects of each match during the league in India. Itcould mean a marginal rise in premium as well.” Usually, the premium for such cover, duringIPL, is about 2-3 per cent of the sum assured. The insurance cover forthe league would protect protects BCCI against any loss of revenue on accountof cancellation of any match for reasons beyond its control, such as terrorism,bad weather, natural calamities, strikes, etc. Typically, public sector generalinsurance companies lead in bidding for IPL-like high-voltage sportingproperty. The Formula One motorrace was insured for Rs 500 crore. In 2011, when India won the ICC World Cup, BCCI had purchased a Rs 400-crore event cancellation policy. However, owingto less number matches in CLT20 the total coverage may not swell as much as ofIPL or ICC World Cup.Reigning IPL championKolkata Knight Riders will face Chennai Super Kings in the inaugural match inHyderabad. The sixth edition of the CLT20 tournament will be held in fourIndian cities – Hyderabad, Mohali, Bangalore and Raipur.

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