General Insurance Corporation of India (GIC) will provide a cover to ESPN for ICC Cricket World Cup 2011, for a whopping Rs.600 crore.
ESPN Cricket World Cup will get a cover against terror acts and adverse weather conditions at premium of Rs.9 crore.
Cricket World Cup is scheduled to telecast from February 19 to April 2, 2011. There are 27 matches to be played at 8 venues in India. These venues are Mumbai, Delhi, Kolkata, Chennai, Punjab, Gujarat, Bangalore and Nagpur.
GIC Chairman-cum-Managing Director, Yogesh Lohia in a statement told reporters “We have finalized on providing Rs.600 crore terror and weather insurance cover for the Cup to ESPN for Rs.9 crore premium”
The World Cup has millions of viewers all across the world. In an unfortunate event resulting in the cancellation of any match, either because of a terror attack or due to bad weather conditions, GIC will compensate losses to the broadcaster ESPN.