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Sports and Insurance: A Deeper connectionthan you might think

*Written by Daksh Gautam


What is Insurance?

A person or organization (known as the insured) and an insurance business (known as the insurer)enter into a contract for insurance. It is a risk management tactic that offers monetary security against future harm or losses. The guarantee of reimbursement in the event of specific events or situations is exchanged for regular premium payments from the insured to the insurer. Insurance is meant to lessen the financial effect of unforeseen risks or occurrences that could cause a loss (1). Depending on the type of insurance coverage, these occurrences may include accidents, theft, property damage, illness, disability, or death. With insurance, people and businesses can shift the risk of these occurrences to the insurance provider, who will then be responsible for paying out claims in accordance with the policy terms and conditions. Insurance has always played a major part in sports as an athlete’s biggest and most important asset is his or her body, which goes through rigorous training, muscle fatigue and is at the epicenter and quite exposed to injuries and accidents which could go on to effectively ruin their career.(2) Insurance and its importance in sports: The world of sports can be an exciting one. Whether you’re a professional athlete or just a casual participant, there are plenty of opportunities to get involved with different sporting events. However, that doesn’t mean that participating in these activities is free from potential hazards and risks. In fact, playing many different types of sports can expose you to the risk of getting injured. When you play any sport, there’s always the possibility that you could suffer an injury that prevents you from playing again for some time. While most people don’t think about it at the time, it’s important for athletes to have insurance no matter what type of sport they play. Since most athletic organizations now require participants to have insurance before joining their team. (3) Here are 5 of the most common types of sports insurance: 1. Accident Insurance During any athletic event, it is a highly specialized insurance that safeguards athletes, managers, and staff from any kind of injury, illness, or medical issue. 2. Sports Travel Insurance This kind of insurance is hard for players to get, especially football players. This insurance policy shields players from flight delays, injuries, and property damage. 3. General Liability Insurance: This kind of insurance covers a wider range of sports-related accidents, like home slips and falls and other minor medical problems. The general


insurance policy compensates fans and athletes who suffer injuries as a result of mistakes made by sports officials. 4. Sports Equipment Insurance We are aware that some sports training equipment is pricey. This kind of insurance therefore covers the loss and theft of these training assets. 5. Authority’s Liability Insurance: The group’s business operations are supported by this type of insurance. It discusses the effects of player issues and unethical business practices. (4)

Relation between sports law and Insurance policies


The risk in the insurance contract must be imminent and not related to the will of one of the parties to the contract, as well as legitimate and not contrary to public order and public morals. Insurance from sports injuries applies to these technical and legal conditions for risk. In addition to the general conditions, there are special conditions. First, the sports injury must be sudden and unexpected The athlete is often exposed to unlimited dangers and inevitably has serious consequences and negative repercussions on the physical and psychological side on his future as a whole, because the player is not able to anticipate them, and does not leave time to prevent them nor the ability to pay them although they are inevitable and essential in sports activity. Second: The sports injury must be caused by a sports activity related to sports The injury of the athlete resulting from the exercise of sports is a phenomenon that is inconsistent with the health objectives of physical education and field games, in addition to that, what the statistics monitor from the high rates of the volume of sports accidents and the aggravation of their seriousness resulting from a sports activity related to sports shows the exact opposite, but the sure thing is The more exercise you do, the more likely you are to get sports accidents. Judicial and jurisprudential opinions differed about the legal adaptation of the contract between the player and the sports institution. The nature of this contract is determined by taking into account the nature of the contracting parties as well as the nature of the contractual relations arising between them. (5) Conclusion


Hence, Sports insurance plays a major role not only in the playing aspect of an athletes career protecting them from injuries and accidents, it also plays a major role in setting policies and groundwork to take legal action if the safety and security of the athlete is breached. An athlete’s biggest asset is their body and its protection and optimal functioning should be of the highest priority which is why one can see players such as Cristiano Ronaldo, Lionel Messi, Serena Williams have insurance policies upwards of $100 Million. In order to ensure their bodies are well protected in cases of injury or accidents, allowing them to perform without any fear and reach to the fullest of their potential. (6)


*The author is a journalism scholar from Mumbai University,








(The image used here is for representative purposes only)


References


(1) https://www.investopedia.com/terms/i/insurance.asp


(2) https://www.atlas-mag.net/en/article/sport-and-insurance


(3) https://www.marathontrainingacademy.com/the-importance-of-having-insurance-for-any- athlete


(4) https://karnatakastateopenuniversity.in/best-sports-insurance- companies.html#:~:text=Sports%20insurance%20provides%20protection%20against,covered%20by

%20the%20insurance%20policy.


(5) https://www.riped-online.com/articles/insurance-as-an-obligation--rests-with-the- sports-organization-towards-the-athlete.pdf


(6) https://sportsmedicineweekly.com/blog/what-is-athlete-insurance-and-how-does-it- work/

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