Private sector general insurer HDFC ERGO today said it will provide $15 million insurance cover for the first ever Formula 1 race to be held in India.
HDFC ERGO, in collaboration with Ace Insurance Brokers, is the lead insurer for the Formula 1 Race and will give a cover of $15 million, the insurer said in a statement. India will host its first Formula 1 Grand Prix on October 30, 2011 on a 5.14 km track, in Greater Noida, built by Jaypee Sports International (JPSI).
The insurance cover would protect the Formula 1 event against adverse weather, non-appearance of teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation.
"Underwriting a prestigious event like Formula 1 Race is an unique occasion for us, as it demonstrates our capability to insure large-size, multifaceted projects," HDFC ERGO Head (Corporate and Rural & Agri Business) Anuj Tyagi said.
An Event Cancellation Insurance Policy is a "saviour for the organisers because it pays any irrecoverable cost or expense which have been incurred in connection with the event following a cancellation, interruption, postponement or relocation due to any of the insured perils," Ace Insurance Brokers Director Anil Arora said.