MUMBAI: The Indian Premier League (IPL) appears to be bigger bet than the World Cup for the Indian cricket board (BCCI) if insurance figures are taken as indicators. The BCCI has sought an event cancellation cover of nearly Rs 750 crore for the fourth edition of the IPL - almost Rs 200 crore more than what it has been trying to seek for the World Cup matches to be played in India.
According to sources, the board has floated inquires with brokers for event cancellation cover of Rs 754 crore. This will include media rights for Indian territory worth Rs 490 crore, media rights for overseas for Rs 50 crore, 194 crore towards protection of sponsorship fee and another Rs 10 crore toward any other contingency . This policy will shield BCCI against losses that arise due to cancellation of match due to terror-related incident. Even the matches that need to be called off due to adverse weather will be covered under this policy.
The board is also seeking a public liability cover worth Rs 100 crore. This covers can be invoked if there is any injury to spectators due to stampede or any other accident on match days. A total of 74 matches featuring 10 teams will be played in IPL 4. The Rs 750 crore cover is for all the matches, including the semifinals and final. All matches will have insurance cover of almost equivalent amount.
Interestingly, the coverage sought for World Cup is relatively smaller. A BCCI official said that the two tournaments cannot be compared. "It is like comparing apples with oranges. In IPL, all the 8 participating teams are competitive."
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