uk English news | uk, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

New Delhi, April 9 The news that the The All England Tennis Club is set to pocket around 100 million pounds from insurance claims after the cancellation of this years Wimbledon has led to questions as to why didnt the BCCI think on including a virus-related clause in the insurance policy for the IPL. But the board says policies vary from place to place.Speaking to , a BCCI official said that the market and the feasibility is something that must be taken into consideration before comparing Wimbledon to the IPL. Also, it needs to be seen if at all there is some clause like cancellation due to pandemic in the Indian market."The insurance sector is very different from region to region. In the UK it has developed differently. The presence of some big reinsurers in the UK market coupled with the complexities and the maturity of the UK insurance market is the backdrop that one has to view while looking at the Wimbledon model being discussed."I am not even sure whether the option for such a policy like what the Wimbledon had, i.e. insurance for cancellation on account of a pandemic existed with the insurance companies and their reinsurers for the Indian market," he explained.The official in explaining the scenario further cited the example of an English footballer like David Beckham getting his leg insured whereas the BCCI had to sweat it out to get insurance policy for loss of pay for the Indian contracted players."If you were to take the example of David Beckham, his legs were insured for a 100 million pounds in 2006, you don't see anything similar in our market. From what I know, the insurance policy for loss of pay for the Indian contracted players was also curated by the BCCI and it took some doing. The BCCI would also assess such a scenario for the future as well in terms with the established processes of corporate governance," he said.But the official feels that the trend in India may change with the effects felt due to COVID-19. "You may see the emergence of this trend now but only after these companies are able to actually study the impact of this pandemic as they would need to assess the value of the premium for such a scenario," he explained.But the official also pointed that hindsight is far more beautiful than when you actually are faced with an unforeseen situation."If you see the corporates, the media houses etc., they are all reeling with the effects of this situation and these are uncharted territories that we all have to negotiate together so there is no real template. Hindsight of course is 20/20 vision," he smiled.( With inputs from IANS )

UkFOLLOW

Uk, Latest News

UK Prime Minister Boris Johnson has been able to walk for a short distance as his recovery from coronavirus continues in a ward at the St Thomas Hospital here after being discharged from the intensive care unit, a Downing Street spokesman said. ...

UK Prime Minister Boris Johnson has been able to walk for a short distance as his recovery from coronavirus continues in a ward at the St Thomas Hospital here after being discharged from the intensive care unit, a Downing Street spokesman said. ...

Feeling depressed? Your weight might be the reason behind it as researchers have found that the risk of depression increases with higher weight. ...

UK Prime Minister Boris Johnson "must rest up" after he was moved from intensive care with coronavirus, his father said on Friday. ...

UK Prime Minister Boris Johnson has been moved out of intensive care but remains in hospital for coronavirus treatment, according to the Downing Street. ...

UK Prime Minister Borish Johnson has been moved out of intensive care unit, a spokesperson for the UK Prime Minister said. ...

UK Prime Minister Boris Johnson has been moved out of the Intensive Care Unit (ICU) at a hospital here where he was undergoing treatment after testing positive for COVID- 19. ...

(IANS) The news that the The All England Tennis Club is set to pocket around 100 million pounds from insurance claims after the cancellation of this years Wimbledon has led to questions as to why didnt the BCCI think on including a virus-related clau ...