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PCB to insure Indo-Pak series

PTI, Karachi
The Pakistan Cricket Board (PCB) is working on a contingency plan to avoid financial losses if security concerns derail its scheduled home series including the tour by India in January.
An insurance specialist from England met with PCB officials in Lahore on Thursday and gave a presentation in this regard.
A senior official of the Board said the specialist had come to Pakistan on his own expenses and his presentation was a free of cost exercise.
"We are interested in getting our coming series insured against cancellation, postponement caused due terrorist threats or security issues," the official said.
"We have lost money in the past due to the security situation leading to postponement of home series and we want to avoid that pitfall again. We don’t want to get into financial problems," Saleem Altaf, the chief operating officer of the Board said onThursday.
He said a previous exercise of getting home series against South Africa, Zimbabwe and Australia insured had not been a gainer for the Board.
"Basically our investigations have shown it was a reinsurance exercise and we ended up paying around 5 crores premium without getting anything in return even
after Australia postponed its visit earlier this year," he said.
Altaf said the purpose of inviting the insurance specialist from the United Kingdom was for the PCB management to get in-depth knowledge of how the insurance industry works. "We are interested in getting our future series insured as we have also signed a new deal for television rights for 140.5 million dollars. But before we do anything we want to be absolutely sure of everything, "Altaf said.
According to its international calendar, Pakistan has a packed year hosting major teams like India, Sri Lanka, Australia and even the Champions Trophy. But security and safety concerns by touring teams have led to the cancellation or postponement of several series this year and even before that.
Even India's forthcoming tour from January 4 to play three Tests and a One-Day series is in doubt after the Mumbai terror attacks although die PCB said it was confident something positive will happen.
He said the local insurance the Board had taken out didn't cover cancellation or postponement of series due to terrorism.
With security concerns forcing postponement and cancellation of several events and accusations of misuse of funds by the previous Board set up, the PCB says it has been left with only around 1.80 billion rupees in its account.