Professional sports, with a high increase in personal participation in a highly competitive environment, shows there is a real need for professionals to ensure they can train and compete at the highest levels possible, secure in the knowledge that in the event of an injury, their income is protected. This peace of mind plays a vital role to ensure that they, as individuals are able to consistently strive in achieving their personal and professional levels of excellence at all times, and in all situations.
This bespoke product allows sports men and women to continue earning an income following injury, whether this is playing their respective sport or in their personal time. It is a Lloyd’s insurance offering that provides income protection for various sporting disciplines and the cover can be tailor made to suite each person’s respective requirements and will continue to pay for 52 weeks or the season end, whichever comes first.
WHO CAN BE COVERED?
Anyone who derives an income from sports orientated professional participation / advice / instruction.
* Excludes Rugby.
WHAT IS COVERED UNDER THE POLICY?
Any loss of earnings due to accidental injury or illness related to income derived from professional sports. Earnings can include salary, match / appearance fees, sponsorships and endorsements as long as they are related to sports.
* Please note that this does exclude income derived outside of sports.
For all sporting disciplines there is the possibility to include AD / PTD and TTD elements if required.
* Note that for cricket it is compulsory to take AD and PTD with the option of adding TTD if needed / required.
PURCHASE, RENEWALS AND EXCESS
Contracted players can buy up to 2 months prior to commencement of their contract. Non-contracted sports disciplines e.g. golf can purchase cover at any time.
A 28 day excess period applies to all PTD / TTD claims and loss of earnings will need to be proved accordingly. Policies can be paid annually upfront (compulsory for cricket), bi-annually (2×6 months installments), quarterly or monthly with relevant administration fees added to the annual premium should the other payment methods be chosen by the insured party.
If a player earns R1 200 000 per year, that is equal to R100 000 per month.
The first R100 000 will fall away – as it would fall in the 28 day excess period.
The maximum the player could then earn is R80 000 per month thereafter (the policy pays maximum of 80% of monthly declared earnings lost) – up to contract end if applicable. The sum insured however needs to represent 100% of earnings.