Athletic Disability Insurance
Our client is high up on the stat board, draft board, or leader board. Strenuous demands on their body requires unique insurance coverage to protect their lifestyle and number one asset - their body. We provide coverage to professional and top college athletes to protect potential future earnings or non guaranteed contracts. Key Person coverage is also available for teams or sponsors looking to protect their MVPs.
Muñoz + Muñoz is leading insurance broker and consultant. We provide a comprehensive range of innovative insurance products and risk-management services for a diverse and distinguished clientele and is recognized throughout the industry as the leader in sports and entertainment insurance. We are able to negotiate favorable terms and conditions for our clients.
We are committed to providing our sports and entertainment clients with the highest level of individualized service they require. Our professional staff is comprised of insurance experts including those with legal and financial backgrounds.
Professional Athlete Representation
Personal Accident Insurance includes products such as:
- High Limit Disability Insurance + and Key Person Coverage
- Catastrophic Accidental Death Coverage
- Interim Life Insurance
- Critical Asset Protection.
- Contractual Indemnification
- Failure To Sign Coverage
- Coverage for risks that may void guaranteed contracts.
Each of these products is specifically designed for highly compensated individuals, such as entertainers, professional athletes, and high-profile corporate executives and can be useful in negotiating employment and endorsement contracts.
| Employment Contracts
Personal Accident Insurance can be used to protect an athlete’s future earning potential, as well as the non-guaranteed portion of a current employment contract.
| Endorsement Contracts
Endorsement deals often contain out-clauses for the benefit of the company (e.g. if the player misses a full season, the company can void the deal). Personal accident insurance can assume those financial risks to the athlete associated with a company exercising its right to terminate an endorsement contract due to an out-clause.
High Limit Disability Insurance is designed to insure the unique needs of athletes by offering financial protection in the event you suffer a short-term or a career-ending injury or illness. It is important to make sure that the definition of occupation is specific to the athlete’s participation in professional sports. Generally, there are three types of high limit disability insurance available:
Temporary Total Disability (TTD)
This coverage provides benefits if an injury or illness prevents you from performing your occupation on a temporary basis. Benefits are typically paid on a monthly basis after a short waiting period, and continues during the period of disability for a specified period of time or until you return to your occupation. Permanent Total Disability This type of coverage pays a lump sum benefit in the event of a career-ending injury or illness. The benefit is typically paid after a twelve month waiting period. Loss of Value Insurance Athletes can insure the loss of value in an employment contract due to an injury suffered before signing the contract. For example, if a free agent is injured and, as a result, is offered a contract for a dollar amount less than a specified amount determined by underwriters, a benefit would be paid equal to the difference between such specified amount and the actual contract value, up to the policy limit. Personal Auto, Homeowners and Umbrella LiabilityInsurance BWD can provide a “one stop” service for an athlete’s needs. In addition to the specialized Personal Accident Insurance, BWD also provides Homeowners Insurance, Auto Insurance, valuable articles coverage, watercraft coverage and personal umbrella policies. BWD has implemented programs, such as a Group Excess Liability program, specifically geared towards high wealth individuals.
PERFORMANCE BONUS | PRIZE INDEMNITY COVERAGE
Player + Team Contracts
Performance Bonus Insurance can be used as a risk management tool, to assume the risk of paying out incentives built into a player contract with a team.
A brand can extend its endorsement deal with an athlete to support a consumer targeted promotional campaign for its products or services. It can link the athlete’s performance to a consumer prize promotion. If the endorsing athlete achieves a goal – e.g., wins a race or has a certain number of home runs or touchdowns – a lucky consumer randomly selected wins a big prize and Prize Indemnity Insurance could assume this risk.