Right, so this is hot off the press:PCB officials will be meeting a British insurance risk expert in an effort to maximise the returns on its insurance investments. The board has, despite insurance cover, suffered huge losses from recent security-related incidents and there is an official inquiry into an alleged insurance scam involving Australia’s postponed tour of Pakistan in February-March this year.
“We are paying a premium of almost 60 million Pakistan rupees annually and getting nothing in return.”
The board had insured Pakistan’s series under the Future Tours Programme - including Australia’s tour - for $7.4 million. However, after Australia’s tour was postponed, Nasim Ashraf, the then PCB chairman, said the board could not claim insurance money for the series since it was a postponement and not a cancellation.
For complete article, CricInfo
So interesting to note that PCB is bringing in someone from outside (what, they failed to find a single qualified financial person from within Pakistan)? And the premiums that they are paying, 60 million rupees, help me understand but wouldn’t they have to pay “more” insurance premium if they also include the clause of ‘postponement’ of a series in their insurance contract? Reportedly they didn’t get a dime out of the postponed Champions Trophy, so if they were to insure the future tours, wouldn’t they pay more money if they add additional terms or additional clauses to their contracts? They lost $7.4 million for a series already. PCB’s liability coverage needs another looking at. PCB’s current coverage seems like a broken car insurance coverage.