Contingency Insurance

Participation in sport results in risks which are unique to that industry; insurance is a product which plays an important role in managing those risks.  However, an insurance policy which has been written predominantly for a retail business or a factory, for example, will not necessarily be appropriate for a sporting body.  It is extremely important that insurance purchased by a sporting organisation is specifically designed to cover the inherent risks of  that sport.

OAMPS Laser’s role as risk management advisers and insurance brokers is to,  in association with the sport, identify the risks to which the sport is exposed and determine how these risks are best managed.  Where it is determined that an insurance safety net is required to help manage an identified risk we determine the insurance wordings which are appropriate to assist in this regard.  This can involve tailoring the insurance wording to fit the requirements of the sport rather than purchasing an “off the shelf” product.

Contingency Insurance is a specialist cover which can be tailored to fit the specific requirements of the organisation.  This type of insurance often relates to the risks to which an organisation may be exposed when holding events.  Examples of contingency insurance are:-

·       Weather insurance

·       Cancellation and Abandonment

·       Non Appearance Insurance

·       Prize Indemnity e.g. Hole In One insurance

·       Player Bonus cover

OAMPS Laser has the expertise to design appropriate cover and access protection from the insurance market.

It is important to note that insurance  terms, conditions and exclusions vary from insurer to insurer.  It is extremely important that the policy benefits and exclusions are understood and considered carefully in making a decision on the purchase of a policy.  Expertise is required to ensure that the appropriate cover is provided, therefore professional advice is essential.  The importance of reading and understanding the policy document, giving particular attention to the exclusions, cannot be overstated.

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