Professional Athlete Insurance
Regardless of the sport all athletes face possible litigation and legal hassles due to the high profile society puts on sports today. Agents or business managers often take care of professional athlete insurance placement. Most large sports agencies provide a wide list of insurance services to the athlete, including insurance sold by a broker or agent working directly for the firm. There are very few brokers that provide insurance for professional athletes. Some specialize in particular sports and provide extraordinary advice and services due to their expert knowledge. It is highly recommended to find a broker with expert qualities. The same is said for insurance carriers as they prefer to concentrate on certain sports as well. Insurance carriers will come in and out of the market, and a connected broker will know when a new product is available. When shopping for a broker, be prepared to do business with them in another city. Since there is a small number of great brokerages providing these coverage’s in just a few cities. The other side of professional athlete insurance is the team aspect. If a star player is injured, the team could incur financial distress due to shrinking attendance, the amount of beer and food sold, advertising dollars disappear and the team still is obligated to pay the injured player. The responsibility of the front office executives is to hedge their contractual obligations to minimize the effect to the balance sheet. Types of products include Temporary & Permanent Disability, Accidental Death & Dismemberment, Kidnap & Ransom, Image Protection, Critical Asset Coverage’s, Contractual Bonus, Contingent Personal Accident, Team Stop Loss.
Apply for Professional Athlete Insurance
|
Professional athlete insurance varies sport to sport due to labor contracts. Individual athletes, like golfers and tennis players, are not bound to union contracts like players in the NFL, NBA, MLB and NHL. Due to the difference in their respected league labor agreement, each player is underwritten individually.