Cape Town: The second edition of Indian Premier League, beginning on Saturday in Cape Town, has been insured for US $286 million(Rs 1340 crore), more than double the amount -- US $125 million -- last season, owing to terror threats.
Besides, the whopping sum for overall insurance of the tournament, India and Chennai Super Kings captain Mahendra Singh Dhoni has attracted the highest individual insurance cover US $10.5 million (52 crore).
Sachin Tendulkar, Sourav Ganguly and Yuvraj Singh follow, with Sri Lankan Sanath Jayasuriya of 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 Cricinfo.
"The details of the package are similar to those signed last year, and will provide cover not just for terrorism, but will take into account other factors like accidents during travel, flights etc as well," she said.
Bhatnagar said the insurance cover for individual players was decided by the franchises and ranged from US $2.5 million to US $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 US $430,000 each, the report added.
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 are effective from the time the players left for the 47-day tournament, to be staged from April 18-May 24, till they return home.