Playing It Safe: Exploring the Different Covers under Sports Insurance Policies

Welcome back to our #DecodingSportsInsurance series, where we delve into the world of sports insurance and explore the different covers that are essential for protecting broadcasters, sponsors, organizers, players, support staff and any other vendor associated with an event.

In this article, we will be focusing on some of the most crucial covers under a typical sports insurance policy. By understanding these covers, you can ensure that you have the right protection in place to mitigate the risks associated with sports events, matches and tournaments. So, let's dive in and explore these covers in detail: 

Event Cancellation Insurance

One of the most significant risks associated with organizing sports events is the possibility of cancellation, abandonment, postponement, interruption, curtailment or rescheduling due to unforeseen circumstances. This can include natural disasters, inclement weather conditions, acts of terrorism, riot situations or any other unforeseeable event that may disrupt the smooth functioning of the event and which falls within the purview of insurance. Event cancellation insurance can be structured for coverage for irrecoverable expenses or revenues associated with the event.

Player Loss of Fees / Remuneration Insurance

The primary source of income for professional athletes is from the remuneration earned from playing their respective sport. If a player suffers an injury or illness and is unable to participate in a game/match, it can result in a significant loss of income. Player loss of fees/remuneration insurance aims to provide coverage to players in such situations, compensating them for the income/fees they would have earned had they been able to participate.

Medical Expenses Insurance for Players & Support Staff

Sports events can be physically demanding, and players are at risk of suffering injuries such as sprains, strains or fractures or could even fall ill. Medical expenses insurance for players and support staff aims to provide coverage for emergency medical expenses incurred due to injuries/illnesses sustained on and off field, during matches and/or training sessions. This insurance covers the cost of emergency hospitalization, medical consultations, diagnostic tests and other medical expenses.

Accidental Insurance

Accidents in sports/games are very common and can happen at any time during a game or practice sessions on and off the field  which may cause severe injuries, disabilities or even death. Accidental insurance aims to provide coverage to players, coaches and other support staff for such unforeseen situations. It can also provide emergency medical expenses pertaining to the accident. 

In conclusion, sports insurance is essential for mitigating the risks associated with sports events, matches and tournaments. Understanding the different covers under a typical sports insurance policy can help you make an informed decision when choosing a policy that suits your needs. As a broadcaster, organizer, team, player, support staff,  or any other vendor associated with the event, it is essential to protect yourself and your interests with the right and adequate sports insurance coverage.

In our next article of #DecodingSportsInsurance, we will be diving deep into the sports insurance market size and growth. Stay tuned to this space for more such informational articles.