TUESDAY, SEPTEMBER 21, 2021
College athletes and intercollegiate sports organizations face unforeseen injuries daily. And while sports insurance is not required by state or federal law, a collegiate sports organization may still be required to carry specific coverage amounts. There are numerous types of sports insurance available for college athletes, trainers, band members and drill teams. Offering a comprehensive insurance program to your athletes is strongly recommended.
Knowing that coverage is in effect for all student-athletes during play, practice and travel on a school-sponsored team trip or a game can be reassuring for any collegiate organization. Whether it’s NCAA, NAIA, or NJCAA coverage, our different insurance plans from “A” rated carriers are tailored to fit your budget and insurance needs for your specific college.
What Sports Insurance Do I Need?
Intercollegiate athletes and sports organizations can benefit from numerous insurance options, including:
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General Liability Insurance
General liability insurance covers bodily injury, property damage and personal or advertising injury. If an athlete or other party is injured on your organization’s property (such as the football field), general liability insurance can help pay for the related medical expenses. This insurance can also cover lawsuits against your organization.
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Accident Insurance
Accident insurance is crucial for any organization that hosts sports, such as basketball or football games.Although some students may have health insurance through their parents’ policies, work-sponsored or an individual plan, their insurance may not cover the full cost of any injuries sustained. College athletes often face potentially catastrophicinjuries. Catastrophic Athletic Insurance (CAT) provides catastrophically injured athletes with coverage for medical bills, disability, adjustments, vehicles, home and education. This insurance also helps protect against lawsuits resulting from an injury to a college athlete to protect the university if legal action is taken against the institution.
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Basic Athletics Insurance
This type provides basic accident/injury coverage for all student athletics, student manager/trainers, cheerleaders, and any other category of students you have elected to cover related to intercollegiate athletics, such as band, dance, or drill teams, for example.
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Staff Accidental Death and Dismemberment
This coverage is available to employees of the athletics department. This insurance is also available for athletic department guests, and it is in effect during travel or while on campus at the invitation and expense of the athletics department.
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Equipment Insurance
Equipment insurance covers the physical equipment owned or used by an intercollegiate athletic program. This insurance protects against damages caused by fire, wind, hail, lightning, smoke, theft, vandalism and other incidents.
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Directors and Officers (D&O) Insurance
Directors and officers insurance helps protect your organization’s management in case of claims related to their activity while leading your organization. These insurance policies often include employment practices liability insurance (EPLI), which covers discrimination, sexual harassment, wrongful firing or hiring and failure to promote claims.
High-level college athletes are a critical group for your intercollegiate insurance program. These students may potentially earn enormous salaries if they go on to play professional sports. But one wrong move can destroy their future earning potential. Having the right insurance coverage to protect these future pros is critical to your school’s athletic offering.
What Are the Policy Limits of These Coverages?
NJCAA and NAIA schools have basic athletic maximums of $25,000. Catastrophic coverage for these schools has a $25,000 deductible and a maximum benefit of $5 million. With the CAT deductible set at the policy maximum for basic athletic, schools have first dollar coverage by purchasing these two plans to $5 million.
NCAA schools have CAT furnished by the NCAA with a deductible of $90,000. Essential coverage for these schools has a maximum benefit of $90,000.
How Much is Sports Insurance for Intercollegiate Athletics?
Sports insurance costs vary depending on location, sports played, the size of the intercollegiate athletics program, claims history, coverage limits and deductibles.
A program with previous claims due to injury or another incident may face higher sports insurance premiums. The higher your coverage, the more you will pay, but having the right insurance is crucial for staying protected.
How Can We Help?
Sports insurance policies differ significantly. Your intercollegiate athletics program must have the right coverage for all of its needs regardless of the type of sport.
Bene-Marc can help put together an insurance plan that offers the proper protection. Call 800-247-1734, so your operations can go on without a hitch.
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