Explain the need for sportevent insurance Conduct a

Explain the need for sport/event insurance. Conduct a risk assessment of an event. SEM 2 3. 08

Reasons for obtaining sport/event insurance. �The act, system, or business of insuring against loss or harm. �Sport/Event organizations reduce their risk of financial losses by purchasing various forms of insurance.

�Comprehensive General Liability Coverage ◦ This type of insurance covers basic liabilities to other parties for bodily injury or property damage caused by the insured. �Cross-Liability Coverage ◦ someone who is insured files a claim against another insured person who has the same policy. �Rider ◦ A provision of an insurance policy that is purchased separately from the basic policy and that provides additional benefits at additional cost. Types of Insurance

�Umbrella Policy ◦ This type of liability insurance provides coverage over a single underlying policy, or several different underlying policies. Types of Insurance

�Prize Indemnity ◦ Offering a sporting event contest such as a hole in one, football field goal contest, hockey red line shot, basketball half court shot, etc. Types of Insurance

Types of Insurance �Sport-Accident Insurance ◦ Liability insurance covers losses resulting from accidents and personal injuries. �Covers injuries to spectators, volunteers, and employees during the sport/event

Types of Insurance �Event Insurance ◦ provides coverage for event cancellation, liability, personal injury, property damage, etc.

�Cancellation Insurance ◦ losses resulting from possible catastrophic conditions. (i. e. – weather, terrorism) �includes options that cover the costs associated with refunding money to ticket purchasers, vendors, etc. Types of Insurance

�Risk is the possibility of financial gain or loss or personal injury. �When assessing risks associated with an upcoming event, sport/event organizations should acquire input from ◦ Management, ticket takers, security guards, guest relations representatives, and merchandise sales personnel Risk Assessment

Select a sport or event of interest to you, and identify risk factors associated with it. Determine measures that you would take to minimize risk. Develop a multi-column table. In the first column, identify the risks associated with the sport/event. 3. In the second column, reference the measures that you have selected to minimize those risks. 1. 2.