The Indian Super League has led insurance companies to chase the teams and organisers for business. The total insurance coverage for the eight-team ISL is Rs 600 crore, confirmed by a source.
“Each franchise has taken an insurance cover of Rs 50 crore for loss of pay, personal accident and public liability ,” an executive said.
The organisers have bought an event cancellation insurance of Rs 200 crore to provide coverage against any loss of revenue from advertisements.
Players are also under insurance coverage against loss of fees, accidents and travel insurance as well.The season will end in December.
A large part of the cover will be reinsured in the country, primarily with state-run General Insurance Corporation. Apart from writing direct insurance, the four public sector insurance companies –New India Assurance, National India, United India and Oriental Insurance -also reinsure policies.