At present, the main covers they buy are for loss of ad revenue due to rainfall. They also take cover against breakdown of satellites. If there is no live feed on television, the advertisers simply do not play, the sources said. Indian insurance companies have made big payouts in 2007 for matches that were disrupted. The India-Sri Lanka match in Kolkata at the start of the year, which was washed out, and the India-Australia match in Bangalore that was cancelled after 50 overs are the two examples when the insurers had to cough up huge payouts.

Industry sources said nearly Rs 12 crore was paid out to the broadcaster — Neo Sports in India — for the two matches. Similarly, BCCI was paid nearly Rs 15 crore when the India-Pakistan match in Ireland was disrupted, they said and added that last year the claim ratio has been against the insurers.

Smaller players in the chain, like the in-stadium advertisers and local cricket associations, have also begun to purchase insurance policies. The Indian team’s sponsor — the Sahara group — has bought polices for each match, sources said.

Though cricket insurance has existed for several years, what has changed now is the innovative clauses and policies, industry observers said. Earlier, a policy would become inoperative after the first is bowled, but today’s policies are alive till last ball is bowled, although liability comes down as the overs go up, they pointed out.