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2022 IPL insured under India's largest-ever event insurance policy

2022 IPL insured under India's largest-ever event insurance policy

The 2022 Indian Premier League took off with two new teams joining the roster– Ahmedabad Lions and Lucknow Nawabs.

But that's not all that was different this time around!

The popular league is also reportedly insured for a whopping ₹5,000 Crore ($657 million) – in what has become India’s largest-ever insurance policy taken for a sporting event.

The Board of Control for Cricket in India (BCCI) has increased the event coverage by 25% from the previous year.

This has been done to account for the increase in the number of teams and matches.

But have you ever wondered what exactly IPL insurance covers?

More commonly known as Event Liability Insurance, this particular policy is designed to protect BCCI, the IPL teams, broadcasters, sponsors, service providers, and other stakeholders against unanticipated events.

These risks include event cancellation due to weather issues, riots, or natural disasters as well as loss of player fees due to injury or illness!

In fact, Chennai Super Kings star Deepak Chahar who was ruled out of the entire season due to a back injury will not be losing his ₹14 Crore IPL salary- because of this very insurance policy!

How can weddings be covered against cancellations?