New Delhi: 
Private sector general insurer HDFC ERGO on Monday said it will provide USD 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 USD 15 million, the insurer said in a statement.
India will host its first Formula 1 Grand Prix on October 30, 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.
Private sector general insurer HDFC ERGO on Monday said it will provide USD 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 USD 15 million, the insurer said in a statement.
India will host its first Formula 1 Grand Prix on October 30, 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.
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