Risk Ready- Presented by The Private Risk Management Association

Insurance Concerns for Professional Athletes

Feb 25, 2022

Ric Serritella, a Sports Illustrated publisher, joins experts including Lauren Bailey of AIG and Bill Godfrey from Vault to discuss the unique insurance concerns facing professional athletes. They dive into financial safeguards post-retirement and the necessity of tailored insurance for high-value possessions. The panel also highlights the complexities of managing liabilities tied to entourages, and the impact of public personas on insurance decisions. Emphasizing the vital role of bespoke insurance solutions, they stress the importance of strategic financial planning.

01:04:11

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Professional athletes face financial vulnerability due to short careers, emphasizing the need for early financial planning and insurance.

Establishing LLCs for property can provide privacy and liability management for athletes, though it incurs associated costs and complexities.

Social media's impact on athletes' public conduct demands awareness, as their online presence influences insurance decisions and liability risks.

Deep dives

Financial Vulnerabilities of Athletes

Professional athletes face significant financial vulnerabilities due to the short duration of their careers and peak earning phases. Statistics indicate that a staggering 78% of NFL players and 60% of NBA players experience financial difficulties shortly after retirement. With an average career span of just 2.5 to 3 years in the NFL, athletes are urged to prioritize financial planning and insurance from the onset of their careers. Trusted advisers play a crucial role in mitigating these risks by educating athletes on products like disability insurance and loss of value insurance, which protect their income and financial future.

Intro

3min

Financial Safeguards for Athletes

8min

Insuring the Unique Needs of Athletes

20min

Athletes' Income and Insurance Insights

9min

Managing Risks of Entourages in Athletes' Properties

2min

Understanding Liability Insurance for Professional Athletes

3min

Navigating Insurance for Athletes

19min

This podcast will explore property, liability, money/investment risks, and concerns facing today’s top athletes.

Presented by:

Ric Serritella – Sports Illustrated Publisher, NFL-Draft Bible
Lauren Bailey – AIG Private Client Group
Jonathan Fajen – PURE Programs
Scott Teller – Chubb Personal Risk Services
Les Edelman – AMWINS
Bill Godfrey - Vault

Moderated by:

Zyggi Nemzer – USI Insurance Services
Kevin Madden – AMWIN

Disclaimer:

All content and materials are the property of the Private Risk Management Association (PRMA) and Subject-Matter-Experts working on behalf of PRMA. Information and practices are included in the material; however, the Private Risk Management Association makes no representations or warranties with respect to the fitness or suitability of the educational content for any particular purpose beyond providing insights and information on topics of interest to the membership that require further review. The information contained is not intended and should not be construed as a recommendation for a specific client coverage or solution. Neither the Private Risk Management Association nor any expert or author providing educational content to PRMA shall be liable for any loss of profit or any commercial damages, including but not limited to special, incidental, consequential or other damages.

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