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Friday, January 25, 2013

optional insurance policy worth $2 million for players in Pak Super League

Insurance offers protection and peace of mind.. for a Company it offers a surety that one would not suffer on the occurrence of a peril.  The primary concept is ‘insurance is against uncertainties’.  When it comes to Personal Insurances, some concepts might differ ~ there cannot be the concept of ‘indemnity’ – at best there can be monetary support to the extent of Sum(s) assured. Again many a times, the policy holder may not be the recipient of the assured money…………..

Cricket is a game of glorious uncertainties..  the year started rather badly for Black Caps as on Jan 3, at Capetown they were bundled out for a paltry 45.  Kiwis lasted only  19.2 overs as Vernon Philander completed figures of five for seven. Morne Morkel and Dale Steyn cleaned up the tail.  Statistically, the score of 45 was their 3rd worst and 12th worst in test history.  It is New Zealand's lowest total in 66 years since the 1946 side were bowled out for just 42 against Australia at the Basin Reserve. It is the worst team total in all of test cricket in the last 39 years since India were bowled out for 42 in 1974.

But in the same month, NZ is seeking a rare white wash and South Africa have become underdogs…  so would not a team cherish a ODI series win even if it comes after dismal performance in Tests.  May be because it has a young side consisting of many players who were not part of the Test failures.  Martin Guptill started the tour with an unbeaten century in a Twenty20 match but followed them with  1, 0, 1 and 48 in the two Tests and his run got worse with two ducks in the ODIs.  Some names in NZ are quite new [at least to me – Grant Elliot, Colin Munro, Jimmy Neesham, Mitchell McClenaghan.]

While many curse IPL for most of India’s woes, IPL platform has enthused Srilankan league, Bangla league and now Pakistan Super League, where it is stated that players like Nasir Jamshed could earn over $100,000 tax free in the 10-day Pakistan Super League.  Obviously no Indians, Bangladesh had even opted out of an official tour – for the locals the Pakistan Super League is set to become the latest money-spinning Twenty20 competition;  English players have again be warned against participating. The PSL is scheduled to be launched on March 26 and could be worth more than $100 million according to organizers.

Cricinfo reports that Pakistan have offered an insurance policy of $2 million and tax-free income for foreign cricketers who are thinking of participating in the Pakistan Super League (PSL).  Pakistan have not hosted international cricket since terrorists attacked the Sri Lankan team bus in Lahore in March 2009. Since then they have had to play their "home" matches at offshore venues such as England and the UAE.

In some way, it is not pure money but a strategic move by PCB to win back the confidence of cricketing nations.  So at a time, when individual players have concern of safety, PCB is trying to offer sense of security by way of an optional insurance policy worth $2 million for the satisfaction of their families.  PCB stated that the visiting players will be their special guests and they would ensure  security at a higher level and … provide insurance option as well. Cricket operations in Pakistan aren't tax exempted but the PCB is offering residential and non-residential players tax-free income from the PSL.

They are trying to promote the League in all manner and recently, the former ICC Chief Haroon Lorgat had special words of praise for the league.        Each team in PSL is allowed to sign a maximum of six overseas players and would include 10 local cricketers plus two emerging players. The tournament would be played over 15 days between five teams and would involve a total of 23 matches for the first three years. The matches will be played at a single venue, with teams playing each other twice in a league format before the top four teams qualify for semi-finals.

Whether the Insurance Policy provides sense of protection to foreign players remains to be seen………

With regards – S. Sampathkumar.
25th Jan 2013.

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