September/October 2020 - 23

ATHLETIC ORGANIZATION INSURANCE
CONSIDERING THE OPTIONS
Preparing for any sports event comes
with a long to-do list, and purchasing
insurance can sometimes fall off the radar.
However, signing up for coverage requires
careful consideration and should never
be a last-minute decision. Choosing a
reliable insurance provider, deciding on
the types and limits of coverage needed
and completing the insurance applications
are all steps in the process that will
ultimately protect your organization should
an incident occur.
There are many types of coverage
needed for various entities involved in sports
events. For example, teams and leagues
should purchase insurance designed
to protect the organization, including its
employees and volunteers. When hosting a
tournament, both the host organization and
facility should have coverage. Often, the
facility will require insurance.
What kind of insurance should I buy?
Defending your organization against and
paying for liability claims can be expensive.
Commercial liability insurance not only
pays for damages you are held legally
liable for, but should also cover the cost of
investigation and defense of claims - even
if they are groundless.
Sports organizations should look for
Commercial General Liability coverage
designed specifically for their needs. For
example, if the younger brother of a player
wanders onto the field before the game,
climbs onto the soccer net, falls and is
injured, liability insurance will respond. Or
perhaps the grandmother of a participant
trips over the team's equipment, breaking
her leg, and demands that the team pay
for medical attention - again; liability
insurance will protect the organization.
In addition to liability coverage, sports
organizations also should consider inland
marine coverage, sometimes called
equipment and contents coverage. This
provides coverage for direct loss or damage
to sports equipment, field maintenance
equipment, concession stand equipment
and portable storage sheds.
Sports organizations may also be able
to purchase other optional coverages such
as hosted tournament coverage or directors'
& officers' liability coverage. Depending on
the size and activities of the organization,
additional liability coverage and other
insurance products such as property,
commercial auto, crime and excess
liability may be needed. Working with a
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licensed insurance professional is always
the best option when making decisions
regarding complex insurance coverages;
an experienced provider will understand
how various types of insurance interact to
provide adequate coverage.
How much should I buy? The policy
" limit " is the dollar amount of protection
purchased and that the organization will
receive when there is a claim. For example,
you may choose to buy a policy that offers
a $2,000,000 occurrence limit with a
$4,000,000 aggregate limit. This means
that your limit for an individual incident is
$2 millions with a total limit of $4 millions for
all incidents occurring while the policy is in
effect. Facilities or tournament hosts may
mandate minimum limits, which can vary.
Before purchasing coverage, be sure to
check any contract or agreement you sign
for insurance requirements.
What should I look for in an insurance
provider? When choosing an insurance
provider, always ask about the financial
stability of the carrier; a high rating (A or
better) by an independent rating company
such as A.M. Best Company is the safest
choice. Also, choosing a carrier that is
" admitted " (licensed) is preferable because
choosing an insurance company that is nonadmitted
(called surplus lines) may require
you to pay extra fees or taxes. Of course,
experience is also a factor.
Purchasing the right type and amount of
insurance will ultimately give you peace of
mind when preparing for your next event.
Choose the right liability coverage for your
sports organization and you'll be able to
focus on other details, knowing that you've
got the coverage you need.
For more information about sports
insurance through K&K Insurance, visit
https://www.kandkinsurance.com.
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K&K Insurance Group, Inc. is a licensed
insurance producer in all states (TX
license #13924); operating in CA, NY
and MI as K&K Insurance Agency (CA
license #0334819)
With over 65 years
of sports and leisure
insurance expertise, K&K
protects sports teams,
leagues, camps, clinics,
tournaments and events
with coverage designed
for your unique needs.
Affordable coverage is
easy online; visit our
website to get your free
quote today.
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September/October 2020

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