Mumbai: The Indian Premier League (IPL) has rewritten the rules of the Gentleman's game, cricket, and now it is rewriting rules in the insurance business.
The big stakes involved in the IPL matches mean big business for insurance companies. From the trophy, to the cricket grounds, to even the baggage of every player , no stone seems to be left unturned when it comes to insuring the players and the games they play.
The early IPL matches have been covered for Rs 2.5 to 5 crore while the semi-finals and final matches have been insured for an amount as high as Rs 10 crore.
In the event of match cancellation, the insurer will compensate the participating team owners with the confirmed expected revenue from that match, including the money spent on preparations.
And it's not just the cricket match that these companies cover. Public sector insurer, Oriental Insurance Company, has covered the IPL with an all inclusive umbrella cover.
So, every player is covered and so is his bat and ball and even his hand gloves or leg guards.
What's more, the players have a host of covers including a personal accident cover, death cover, and covers for medical emergencies and injuries during the IPL — something that the little master, Sachin Tendulkar, lost out on as due to his pre-existing injury, he was denied a personal accident cover worth Rs 71 lakh as well as a Rs 10 lakh mediclaim.
Oriental Insurance Company says no major claims have been filed so far but quite a few medical claims on account of injuries are expected next week, once the tournament is over.
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