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

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.

Types 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 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.

Types of Insurance 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.

Risk Assessment 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

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. 1. Develop a multi-column table. 2. 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.