01/ loss of future earnings
A Professional Athlete can anticipate income levels and probable playing time. A disability can affect the level of income to be earned in the future and a disability can shorten the career period. As an example, an athlete has no income assurance beyond the term period of the present contract. This plan can insure an income, should disability shorten the expected career period.
02/ contract completion (protection for the professional club)
The loss of an athlete by disability puts the team in double jeopardy. Revenue may slip and the team must continue to pay the non-performing athlete. Our policies can insure the contracted compensation to the athlete, thus relieving the team of that financial burden.
03/ loss of endorsements
Sponsorship/Endorsement income only continues as long as the athlete meets the ongoing sponsorship obligations. This loss of income can be significant and is also insurable.
04/ cost of agents/managers
It is in the athlete’s best interest to continue the use of agents and managers during periods of disability. This keeps the athlete’s value as an athlete and as a product spokesperson keenly in the minds of those who contract for their services. These costs can be insured.
Player Managers can also purchase insurance coverage solely for their income proportion.
07/ high limit death & dismemberment benefits
The loss of life or dismemberment of an athlete can place an enormous financial burden on the surviving spouse and/or children. Many teams provide a small benefit in the event of a tragedy and most families have little or no life insurance. Our policies are designed to help eliminate the financial burden a family can incur as the result of a tragedy.
05/ total & partial disability
Designed to respond in the event that a Professional Athlete is either temporarily or permanently unable to work. TPD is defined as being wholly and continually prevented from performing the major duties of their occupation, due to accidental injury or sickness.
Options vary from short-term coverage to full contract payout and beyond.
Benefits are paid (Top up) excess of any capital benefit entitlements received from the Professional Sporting Body.
08/ death and disgrace
There is an increasing trend for player managers, sports clubs and advertisers to buy death and disgrace insurance to cover campaigns involving celebrity athletes, musicians, and film stars.
Professional Athletes in particular have been gaining a celebrity profile through third party endorsements and as ambassadors of their chosen sport and increasingly feature in multi-million dollar marketing and advertising campaigns.
Player managers are also at risk of losing income due to the actions of their clients, they too can insure their financial risk to their client behaviours.
Sporting clubs and professional associations can also insure their lost revenue due to the departure of a marquee player who may impact on ticket sales, merchandise and other financial losses associated with the behaviour of their players.
06/ contract deferment/draft protection
Talented young athletes may decide to defer a professional contract for study rather than take early entry into the professional sport arena. There is a risk of sustaining a career ending disability during the final study years. Insurance cover is available to insure the future value of a professional career.
09/ player catastrophe cover
Teams travelling together on single aircrafts, vehicles or other forms of transport can result in potentially high accumulation of benefits. These risks can be insured to any required aggregate. The team usually purchases this coverage with themselves as the beneficiary.
The sum insured is normally the equivalent of the combined players contract value, although additional factors can add further to the value and can be taken into consideration.