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PROTECTING THE NET: Ramifications of Off-Field Exposures for - - PowerPoint PPT Presentation
PROTECTING THE NET: Ramifications of Off-Field Exposures for - - PowerPoint PPT Presentation
PROTECTING THE NET: Ramifications of Off-Field Exposures for Professional Athletes Wednesday, February 25, 2015 By Kim Lucarelli & Ron Boynar Oswald Specialty: Professional Athletes More than 30 years experience Professional
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Oswald Specialty: Professional Athletes
- More than 30 years experience
- Professional athletes and coaches across all
major leagues
- World-class personal insurance products and
concierge services
- Annual risk evaluations and assessments
- Pre-loss preparation and post-loss
claim advocacy
- Comprehensive policy auditing service
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Kim Lucarelli
Senior Vice President Director of Personal Risk Management 216-367-8582 klucarelli@oswaldcompanies.com
Ron Boynar
Business Development Athletes & Entertainers 216-367-4936 Twitter @ #OswaldSpecialty.com rboynar@oswaldcompanies.com
Personal Insurance Advocates
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The Case for the Professional Athlete and the Shell Corporation / LLC:
Shell corporation established
Contract signed with sponsor for product promotion League coverage does not apply to shell company or
- utside events
Commercial general liability is required
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When Celebrity is a Target. Consider the following...
- A rookie athlete agrees to do an autograph session at a local
bookstore, when a child trips over his chair suffering injuries.
- A pro basketball player hosts a children’s coaching clinic
during the off season. While demonstrating a dunk, a child near the basket is injured. The athlete is presented with medical bills and future rehabilitation expenses.
- An athlete’s foundation sponsors a charity celebrity golf
tournament and his drive goes awry, injuring a spectator. The spectator is injured and sues the athlete.
- A pro baseball player writes a book about his career. Someone
named in the book accuses him of slander and sues the player.
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Commercial General Liability Insurance for Athletes
- Who is covered?
– Partnership or Joint Venture – Corporation or Association – Employees – Subsidiaries where 50% of voting stock is owned – Contractual written agreements that require indemnification – Newly acquired organization – Legal representatives – Volunteers
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Commercial General Liability Insurance for Athletes
- What expenses are covered?
– The insurer’s expense to investigate or defend a claim or suit. – Attorney’s fees, witness fees and police report costs. – Reasonable expenses the client incurs at the insurance company’s request to aid in defense. – Judgment or settlement arising from a covered suit. – Required interest on the judgment if the defense is unsuccessful. – Medical expenses for injured parties. – Premiums for any bonds required by the liability suit.
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Commercial General Liability Insurance for Athletes
- What protection is provided?
– Bodily Injury – Property Damage – Contractual Liability – Liquor Liability – Hired & Non-Owned Automobile – Legal Defense Costs – Medical Payments – Personal Injury – Advertising Injury
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Commercial Exposure Examples (LLC and Non-LLC):
- Shell Corporations
- Rental Home / Rehabilitation Business
- Videogame Production
- Touring / Performing / Recording / Composing
- Promotions
- Special Events
- Broadcasters, Publishers, Film or Television Production
Liability
- Advertising & Public Relations
- Commercial Real Estate Holdings / Development
- Athletic Coaching / Clinics
- Foundation Directors and Officers Liability
- Farming / Ranching
- Celebrity - Personal Appearance Errors and Omissions
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Other Unique Risk Management Needs for the Professional Athletes
- Personal Homeowner, Automobile & Liability Insurance:
– Homes in multiple states – Non-Owned Automobiles – Valuable Articles – Jewelry, Fine Arts, Firearms, Sports Memorabilia, etc. – Luxury, Classic or High-Performance Vehicles – Kidnap & Ransom, Extortion – Target / High Profile Status – High Limits of Personal Excess Liability – Financial Support of Family or Friends – purchasing homes, autos, valuables, etc. – Farm & Livestock, Equine, Bloodstock – Aircraft Ownership / Fractional Ownership – Domestic Employees; Housekeeper, Nanny, Caretaker, etc.
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