PROTECTING THE NET: Ramifications of Off-Field Exposures for Professional Athletes. Wednesday, February 25, 2015 By Kim Lucarelli & Ron Boynar

Transcription

1 PROTECTING THE NET: Ramifications of Off-Field Exposures for Professional Athletes Wednesday, February 25, 2015 By Kim Lucarelli & Ron Boynar

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3 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

4 Personal Insurance Advocates Kim Lucarelli Senior Vice President Director of Personal Risk Management Ron Boynar Business Development Athletes & Entertainers #OswaldSpecialty.com rboynar@oswaldcompanies.com

5 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 outside events Commercial general liability is required

6 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.

7 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

8 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.

9 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

10 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

11 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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13 PROTECTING THE NET: Mass Torts and Professional Sports: What You Need to Know About Concussion and Prescription Drug Lawsuits and Related Insurance Litigation Wednesday, March 4th, 2015 By Noel Paul & Ron Boynar