MoonGate Insurance Ltd and Somerset Cricket Club (SCC) have teamed up to obtain insurance coverage for the annual Cup Match Classic. It is the first time in the game’s 112 year history, that this has ever been accomplished.
The insurance cover is called “Cancellation and Abandonment Insurance” and is designed so that should the cricket match be cancelled due to inclement weather, Somerset Cricket Club, which stands to lose hundreds of thousands in revenue, will now have adequate insurance protection, saving not only revenue, but associated youth programs and possibly dozens of jobs.
MoonGate Insurance President and CEO Leon L. Bascome said, “We have worked on behalf of my favorite team, Somerset Cricket Club for the last year or so, on many fronts. As part of developing the Club’s insurance Affinity Program, this was one cover identified that no insurer on the island could provide.
“Therefore, MoonGate Insurance provided consulting services to Somerset’s Executive in order to assist them in obtaining the necessary cover. We are excited that we were able to bring the international experience of our management team and, inclusive of our Business Developer Zayne Bean, advise SCC on this fairly complex risk.
“Mr. Alfred Maybury, the President of the Somerset Cricket Club who is quite a visionary, and his team were able to complete the task, having made informed decisions. We are proud to be part of Bermuda’s history, in this regard.”
Theresa Roque, Senior Business Analyst at MoonGate and an avid supporter of challengers St. George’s Cricket Club, emphasized the importance of protecting the financial integrity of the Clubs, saying, “Our local clubs are the mainstay of our communities; they encourage camaraderie and most importantly, provide an avenue for Bermuda’s Youth to express themselves, stay active and have something to strive for.”
“It was more than just money that needed protection. Somerset was able to articulate its requirements and have this program tailor-made, accordingly”.
Maybury, President of Somerset Cricket Club, said, “We have always wanted to put in some level of insurance protection for the large costs associated with preparing for Cup Match; in the instance where the match may get washed out, we would be in a large deficit position.
“We had to address this and actually started looking at it two years ago; fortunately, Mr. Bascome and his team from MoonGate came up to work with us for our insurance on the Club’s buildings and design for our Affinity Program for our membership. It was at that time, which is almost a year ago, that we brought this item up for discussion and its challenges.
“MoonGate were willing to provide consulting services; they got us really thinking about the risk, the potential exposures and the things we wanted to protect so that when it came time for us to make the decision to purchase the cover, we were well informed.
“I would like to, personally, thank Mr. Bascome and his excellent team; MoonGate Insurance has been a true, professional partner of ours and we look forward to working with them in the future.”
“The Cup Match is a vitally important source of revenue for these clubs and is also a timeless Bermuda tradition – both need to be protected. MoonGate and Somerset have formed a great team for this year’s event and we are proud to ensure that our tradition lives on.
“As such, we look forward to working with Mr. Neil Paynter and the St. George’s Executive for next year’s event. We realize that Cup Match is an important component of our GDP and this event contributes to many in Bermuda being employed; we feel that we are doing our part to assist our Government in addressing this, as well.