Sports Event Insurance
Amateur events include a broad category of sports and recreational activities that require the organizer to purchase insurance for the participants. The policy needs to include coverage for the spectators as well, furthermore the location will likely want to be named as an additional insured on a certificate. Amateur events also require the promoter, organizer or association to have waivers signed by the athletes, or by parental guardians, according to state specific laws. Most insurance brokers or carriers will provide you with a standard waiver document that clients are required complete. Other entities that require event insurance are vendors, exhibitors, referees and sponsors. Professional events are larger and more complicated. Often many insurance brokers represent various parties in solidifying the risk management surrounding professional sports event insurance. From team owners and their management to the event location and management, athletes, promoters, vendors, spectators, exhibitors, referees, media, entertainers, advertisers and sponsors. All the above entities will be required to name the organizer and location as additional insureds and this starts the web of risk transfer strategies that ultimately spread the potential losses around to multiple insurance carriers to limit the losses the location and promoter will have to claim or pay out. Whether your sports event involves professionals or amateurs, the principle risk is the same for these events. It's important to everyone involved that the event is properly managed in regards to on-the-site loss control procedures, emergency response, security placement and risk transfer.
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Sports event insurance contains a few more steps than regular special events. Depending on the whether the event is played by professional or amateur athletes can change the way you buy insurance. The basic policy has coverage's for General Liability and Accident Medical Insurance. 