HDFC ERGO to provide $15 mn insurance cover for F-1 Race

India will host first Formula 1 Grand Prix on October 30,2011 on a 5.14 km track,in Greater Noida.

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.