CHENNAI: Sam Curran became the most expensive England player when Kings XI Punjab bought him for Rs 7.2 crore in the 2019 IPL auction last December. A stellar Test series against India last summer made the all-rounder the most-sought-after England international.
However, had Curran failed to report fit for the tournament due to injury or some other reasons, he would have lost the entire sum. This uncertainty, which can affect their financial interest, has led players from England, South Africa and West Indies to insuring themselves for massive sums ahead of the ongoing season. This has been done to ensure that they make up for the losses in case they fail to report fit or get injured during the tournament.
The IPL salary clause states that the moment a player bought at the auction reports to a team’s camp, he will have to be paid 50 per cent of the contracted amount. He keeps it even if he gets injured and is unable to take part in the tournament. But if one doesn’t report to the camp before the season, he gets no money.
Most of these players have taken out personal insurance policies from the London-based Vantage Sports Finance, which has former England captain Michael Vaughan as its nonexecutive director. Citing financial conduct authority rules and regulations, Vantage chief executive officer Paddy O’Clery did not reveal the names of cricketers who have taken their policies, but confirmed that they have insured themselves.
“Some players are insuring themselves for more than $1.1m-worth (`7.60 crore) of loss of income if they could not make the tournament because of injury or other circumstances. While others were covering $150,000-$200,000 (Rs 1.03 crore-Rs 1.38 crore),” O’Clery told this daily. Apart from players who fail to report for the event, the company also offers policies for players who get injured during the tournament.
This year, South African pacers Lungi Ngidi of Chennai Super Kings and Anrich Nortje of Kolkata Knight Riders pulled out before the tournament due to injuries. While it has not been disclosed whether they are covered, it’s for cases like these that players have started exploring the insurance path.
No cover for ban
Steve Smith and David Warner missed the 2018 edition due to the ban for their involvement in the ball-tampering scandal. O’Clery said the company’s policies do not cover such cases. “There are exclusions in the policies such as ban or sanctions, which mean they (players) would not be able to claim for a ban,” he said.
Indian players have also been insuring themselves against injuries.
Players from England, SA, WI this year
England: Sam Billings, David Willey, Sam Curran, Joe Denly, Harry Gurney, Jos Buttler, Liam Livingstone, Ben Stokes, Moeen Ali, Jonny Bairstow, Jofra Archer.
West Indies: Dwayne Bravo, Keemo Paul, Sherfane Rutherford, Chris Gayle, Nicholas Pooran, Carlos Brathwaite, Sunil Narine, Andre Russell, Evin Lewis, Kieron Pollard, Oshane Thomas, Shimron Hetmyer.
South Africa: Faf du Plessis, Imran Tahir, Colin Ingram, Chris Morris, Kagiso Rabada, David Miller, Hardus Viljoen, Quinton de Kock, AB de Villiers, Heinrich Klaasen.
Withdrawn players: Anrich Nortje, Lungi Ngidi (both South Africa).