CAPE TOWN: The second edition of Indian Premier League, beginning tomorrow here, has been insured for $286 million, more than double the amount
$125 million spent last season, owing to terror threats.
Besides, the whopping sum for overall insurance for the tournament, India and Chennai Super Kings captain Mahendra Singh Dhoni has attracted the highest individual insurance cover of $10.5 million.
Sachin Tendulkar, Sourav Ganguly and Yuvraj Singh follow behind with Sri Lankan Sanath Jayasuriya of the Mumbai Indians commanding the highest price among overseas players.
"The sum assured has been higher this time around with the tournament moving overseas," Reena Bhatnagar, deputy general manager of Oriental Insurance Corporation (OIC), the IPL's insurers, was quoted as saying by a website.
"The details of the package are similar to those signed last year, and will provide covers not just due to terrorism, but take into account other factors like accidents during travel, flights etc as well," she said.
Bhatnagar said the insurance cover for individual players were decided by the franchises and ranged from $2.5 million to $10.5 million.
"That Dhoni has been placed above Tendulkar or Ganguly, is entirely their (franchises') perception. It is the IPL organisers who then decide and provide us the values," she said.
The package takes into account all 120 auctioned players as well as a few non-auctioned players. The cost in premiums to the franchises is around $430,000 each, the report said.
The OIC deputy director said the entire package was reinsurance-driven, meaning that OIC would seek to protect itself with other insurance companies against the risk of losses during the mega event
"With such a large package signed up, it was beyond the capacity of the Indian insurers. We had to travel the reinsurance route and tap the London market," she said.
The loss of baggage cover means that players will be paid the cost of their belongings, in case they lose them during the course of the tournament.
The policies will be effective from the time the players leave for the 47-day tournament, to be staged from April 18-May 24, till they return home.
$125 million spent last season, owing to terror threats.
Besides, the whopping sum for overall insurance for the tournament, India and Chennai Super Kings captain Mahendra Singh Dhoni has attracted the highest individual insurance cover of $10.5 million.
Sachin Tendulkar, Sourav Ganguly and Yuvraj Singh follow behind with Sri Lankan Sanath Jayasuriya of the Mumbai Indians commanding the highest price among overseas players.
"The sum assured has been higher this time around with the tournament moving overseas," Reena Bhatnagar, deputy general manager of Oriental Insurance Corporation (OIC), the IPL's insurers, was quoted as saying by a website.
"The details of the package are similar to those signed last year, and will provide covers not just due to terrorism, but take into account other factors like accidents during travel, flights etc as well," she said.
Bhatnagar said the insurance cover for individual players were decided by the franchises and ranged from $2.5 million to $10.5 million.
"That Dhoni has been placed above Tendulkar or Ganguly, is entirely their (franchises') perception. It is the IPL organisers who then decide and provide us the values," she said.
The package takes into account all 120 auctioned players as well as a few non-auctioned players. The cost in premiums to the franchises is around $430,000 each, the report said.
The OIC deputy director said the entire package was reinsurance-driven, meaning that OIC would seek to protect itself with other insurance companies against the risk of losses during the mega event
"With such a large package signed up, it was beyond the capacity of the Indian insurers. We had to travel the reinsurance route and tap the London market," she said.
The loss of baggage cover means that players will be paid the cost of their belongings, in case they lose them during the course of the tournament.
The policies will be effective from the time the players leave for the 47-day tournament, to be staged from April 18-May 24, till they return home.
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