Cricket may be a game of glorious uncertainties, but the rise in the number of off-the-field incidents has opened up new business opportunities for insurance companies.

The Indian cricket board’s (BCCI) stand-off with the International Cricket Council (the governing body of the game) over the three-Test ban on Harbhajan Singh has brought to fore the financial cost of such wrangles and possible protection.

Even as BCCI’s tough stance against the ban on the Indian spinner cast a cloud over the ongoing India-Australia series, insurance companies have used this as an opportunity to sell cricket bodies ‘libel and defamation policies’ that would cover future match disruptions due to such off-field incidents that have the potential to stall a match or a series.

Initially, event insurance companies were flummoxed when there was uncertainty in the air due to sledging and some controversial umpiring decisions, but they quickly spotted the big business.

Industry sources said some insurers have already approached cricket bodies with ‘libel and defamation policies’ that would cover this new variable. Big broadcasters like Neo Sports, Star Sports and Nimbus are seen as the bulk buyers of such policies as the risk is passed on from the cricket boards to these companies the moment the team arrives on the ground.

The other potential big buyers are the national cricket boards, like the Board of Control for Cricket in India, that have lot at stake if matches go haywire. Since bulk of the money from the gate collections goes to them, they have lot at stake in such events.

For broadcasters, the potential loss from match disruptions is huge, too, particularly the one-day and Twenty-20 versions for which the telecast rights have been won at astronomical prices. Sources point out that their entire revenue model through sale of airtime and cable rights will be grossly affected due to match disruptions.