CHENNAI: News emerging that Wimbledon organisers will receive around $141 million from insurance for the event not taking place this year might burn hearts in IPL. Unlike the tennis fiesta in London, the T20 gala does not have cover for cancellation due to COVID-19. Reason? They were late.
Wimbledon’s event cancellation policy has a clause on pandemics. Organisers have reportedly been paying $2 million annually as premium since the SARS epidemic in 2003. Deals are struck months in advance. The eight IPL franchises, who insure the seven matches each of them host, started approaching insurance firms around the end of February.
Pandemic is normally on the list of unforeseen reasons for which insurers promise cover for cricket in India. But by the time IPL franchises went to them, coronavirus had become a global concern. Companies had struck it off the list. “Had they done it four months ago, they would have been compensated,” said an industry insider. “We are not getting any cover for this. Our legal team will see how to add this point in the policy in future,” said a franchise official.