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AGENTS & BROKERS ONLY |
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Other Sports & Recreation Insurance Programs |
Sports Insurance: Don’t Rely On Certificates, Brochures, ProposalsPart One
Many sports administrators of teams / leagues hope or believe that they have adequate protection under their Accident and General Liability policies. They usually place their trust in their local insurance agent or even a “so called” sports insurance specialist. Some that have their insurance provided by their municipal recreation department may rely on their risk manager. But, how do they know for sure that their insurance is adequate to protect against some of the most common types of devastating lawsuits?
Sports and recreation administrators often rely on a simple review of the wrong types of documents. It is a mistake for a sports administrator to rely on the review of a certificate of insurance, brochure, or proposal from an insurance agent. The reason is that none of these documents contain complete detail on all policy coverages, definitions, conditions, and exclusions. Dangerous exclusions which take away coverage are often hidden in the fine print.
For example, a certificate of insurance may disclose that a General Liability policy contains a limit of $1,000,000. However, that same policy may have an exclusion for Athletic Participants. The certificate of insurance will not necessarily disclose the existence of this devastating exclusion which has a huge bearing on protection.
The one and only source to find the answers on coverage is in the actual insurance policies themselves. The problem is that the polices can be exhaustive to review. A typical Accident policy may be 70 pages long and a typical General Liability policy may be 90 pages long.
Part two of this blog topic will offer an easy solution on how sports administrators can determine the adequacy of their sports insurance policies.
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