The Indian Premier League bandwagon has been looking to protect themselves from the threat of Covid-19 pandemic via an insurance cover in the same way Wimbledon did in June this year.
IPL 2020 organizers BCCI, IPL teams, IPL Sponsors and the IPL broadcast partners Star India, have tried to insure themselves from the Covid-19 threat, but the Insurance market has declined any such cover to the stakeholders.
This means the tournament will be played without any Covid-19 protection cover as the pandemic is an ongoing event and no insurance company will provide this type of cover.
“Yes, there have been many queries as everyone wants COVID cover, Sponsors, franchises and cricket board. But its standard exclusion so nobody will provide it in the Indian or International markets because Covid-19 is an on-going event”, said Karan Ruia of AVP Howden Insurance Brokers one of the leading companies that deals in Sports Events Insurance.
Wimbledon’s organisers got $142 million when the tennis grand slam was cancelled because of Covid-19. The organisers had been paying close to $31.7 million as the premium for this pandemic cover since the SARS outbreak in 2003.
Currently for the IPL, there are the following policies for the board and franchises;
Event cancellation policy
Players Loss of fees policy for franchises.
Group Personal Accident policy
Group Medical Policy. (As IPL 2020 is taking part in Dubai, the recent edition is an overseas mediclaim policy).
For event cancellation, the limit has increased drastically owing to increased expenses. The premium rates have also changed and now most of the Insurance companies are finding it difficult to offer 100% cover.
John Stephenson
john@cricketinvestor.co.uk
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