South Carolina defensive end Jadeveon Clowney recently purchased $5 million in professional athlete disability insurance. Clowney is a sophomore and is expected to be the No. 1 pick in this year’s NFL draft if he were eligible. This recent purchase shows the world that Clowney is serious about his football career and is taking the appropriate steps to transfer into the NFL.
Source WISTV-The Big Spur
What is Professional Athlete Disability Insurance?
If you are a professional athlete then you know how devastating an injury can be. Because your profession is largely based on your physical performance an injury can derail your entire career. An entire lifetime’s worth of income that should last for several years is instantly cut off resulting in a financial catastrophe to you and their family.
Professional Athlete Disability Insurance is a specialized insurance program designed to cover an athlete and their career. The policy also offers coverage’s for teams, and endorsement deals an athlete might be contracted with. Here are some of the coverage’s offered;
- Temporary Total Disability
- Permanent Total Disability
- Accidental Death & Dismemberment
- Cost of Agent and Mangers
- Team Stop Loss
- Image Protection for Manufacturers of Products Endorsed by Athletes
- Contractual Bonus For Achieving Pre-Determined Goals
- Kidnap, Ransom and Extortion
- College Athletes to be Drafted
To learn more about these coverage’s and what they entailed go to our website HERE.
How Do I Qualify for Professional Athlete Disability Insurance?
Not everyone qualifies for professional athlete disability insurance. Unlike most insurance policy’s where if you want the coverage an agent will sell it to you, professional athlete disability insurance is only offered to a small select group of qualified athletes or as in Jadeveon Clowneys case select to-be professional athletes.
To find out if you qualify for professional athlete disability Insurance please call us at 800-622-7370. We Specialize in Sports Insurance and shop the entire marketplace on your behalf. Don’t gamble your livelihood or financial survival of your team with an inferior program.
Source: wistv.com, South Carolina DE Clowney buys insurance policy, by Pete Iaconbelli
Field / facility owners such as recreation departments, school districts, schools, and municipalities often allow outside user groups to use their premises under a lease or permit. These relationships are beneficial to all parties involved. However, field / facility owners expose themselves and their insurance carriers to liability arising from injuries that may occur on the premises arising out of the lease or permit. This is true even though the injury may be due to the 100% negligence of the outside user group.
Field / facility owners are almost always shot gunned into these lawsuits as a deep pocket even if they are 0% at fault. The defense costs and possibility of settlement or adverse jury verdict can be very expensive. This can result in unbudgeted out of pocket expenses (in event of self insurance or large deductible insurance program) or in a large loss that is paid by their insurance carrier. When these losses are paid by insurance carriers, such insurance carriers may non renew or may ask for large rate increases. Therefore, field / facility owners have a lot to lose when they make their premises available to outside user groups.
It makes sense that the group that is responsible for the injury and resulting lawsuit should be financially responsible for paying the damages. Therefore, prudent field / facility owners require outside users to carry their own insurance that meets certain minimum standards that are drafted by risk managers or attorneys employed by the field / facility owner. Such insurance requirements specify the types of policies to be carried, minimum limits of coverage, and special coverage endorsements such as “Additional Insured” status for the premises owner.
Requiring outside user groups to be financially responsible for their own injuries and lawsuits is a good business practice. Even high limit insurance is surprisingly affordable and easy to obtain when reputable sports insurance and event insurance specialists are contacted.
I came across an excellent article, entitled Insurance: Expecting The Unexpected , on the sports insurance and risk management considerations of hosting a sporting event such as marathon, triathlon, or walking event. The article is presented in a way that is easy for the layperson to understand and includes plenty of real life injury examples.
The insurance coverages discussed include Accident, General Liability, Workers’ Compensation, Equipment, Business Auto, and Event Cancellation and Weather insurance.
The risk management techniques discussed include participant waiver/release forms, collecting certificates of insurance from vendors, first aid stations, EMT, and review of contracts.
When sending their children to practice on youth sports team, do parents ever think that they are handing their children to a sexual predator? For many, it is the last thing that crosses their mind. They assume that they can trust the people that are being put in contact with their children because they have been able to secure a spot as a coach or administrator on a local youth sports league. It is the responsibility of the league administrators to do all in their power to protect these children. It is unfortunate that not everyone is aware of the dangers that sexual predators pose nor are they aware of how this battle to protect our children can be fought. In September 1999, Sports Illustrated published an article entitled “Every Parent’s Nightmare”. No other article that we have come across has been as in depth and in your face about this harsh reality. The article goes inside the heads of not just the average sexual predator, but the head and thought process of predators that found their victims on the ball field. They are making a combined effort to say, “This is HOW we got your children and this is WHAT you need to be on the lookout for.”
Although there is no “fool proof” way to fully prevent sexual abuse and molestation, we can work together as a team to put safeguards in place in order to protect these children. In collaboration with attorneys, insurance underwriters and national risk managers, we have developed information to provide our youth sports league administrators, coaches and volunteers with the tools needed in order to put a risk management program in place. The Risk Management section of our website provides a Child Abuse and Molestation Protection Program, Child Abuse and Molestation Handout for Parents, as well as, specific information on how to perform criminal background checks and where to find them. Please don’t hesitate to contact us if you would like any further information.