PROTECTING THE NET: Ramifications of Off-Field Exposures for - PowerPoint PPT Presentation

PROTECTING THE NET: Ramifications of Off-Field Exposures for Professional Athletes Wednesday, February 25, 2015 By Kim Lucarelli & Ron Boynar

Oswald Specialty: Professional Athletes • More than 30 years experience • Professional athletes and coaches across all major leagues • World-class personal insurance products and concierge services • Annual risk evaluations and assessments • Pre-loss preparation and post-loss claim advocacy • Comprehensive policy auditing service

Personal Insurance Advocates Ron Boynar Kim Lucarelli Business Development Senior Vice President Athletes & Entertainers Director of Personal Risk Management 216-367-4936 216-367-8582 Twitter @ #OswaldSpecialty.com klucarelli@oswaldcompanies.com rboynar@oswaldcompanies.com

The Case for the Professional Athlete and the Shell Corporation / LLC: Shell Contract corporation signed with established sponsor for product promotion Commercial League coverage general does not apply to shell company or liability is outside events required

When Celebrity is a Target. Consider the following... • A rookie athlete agrees to do an autograph session at a local bookstore, when a child trips over his chair suffering injuries. • A pro basketball player hosts a children’s coaching clinic during the off season. While demonstrating a dunk, a child near the basket is injured. The athlete is presented with medical bills and future rehabilitation expenses. • An athlete’s foundation sponsors a charity celebrity golf tournament and his drive goes awry, injuring a spectator. The spectator is injured and sues the athlete. • A pro baseball player writes a book about his career. Someone named in the book accuses him of slander and sues the player.

Commercial General Liability Insurance for Athletes • Who is covered? – Partnership or Joint Venture – Corporation or Association – Employees – Subsidiaries where 50% of voting stock is owned – Contractual written agreements that require indemnification – Newly acquired organization – Legal representatives – Volunteers

Commercial General Liability Insurance for Athletes • What expenses are covered? – The insurer’s expense to investigate or defend a claim or suit. – Attorney’s fees, witness fees and police report costs. – Reasonable expenses the client incurs at the insurance company’s request to aid in defense. – Judgment or settlement arising from a covered suit. – Required interest on the judgment if the defense is unsuccessful. – Medical expenses for injured parties. – Premiums for any bonds required by the liability suit.

Commercial General Liability Insurance for Athletes • What protection is provided? – Bodily Injury – Property Damage – Contractual Liability – Liquor Liability – Hired & Non-Owned Automobile – Legal Defense Costs – Medical Payments – Personal Injury – Advertising Injury

Commercial Exposure Examples (LLC and Non-LLC): • Shell Corporations • Rental Home / Rehabilitation Business • Videogame Production • Touring / Performing / Recording / Composing • Promotions • Special Events • Broadcasters, Publishers, Film or Television Production Liability • Advertising & Public Relations • Commercial Real Estate Holdings / Development • Athletic Coaching / Clinics • Foundation Directors and Officers Liability • Farming / Ranching • Celebrity - Personal Appearance Errors and Omissions

Other Unique Risk Management Needs for the Professional Athletes • Personal Homeowner, Automobile & Liability Insurance: – Homes in multiple states – Non-Owned Automobiles – Valuable Articles – Jewelry, Fine Arts, Firearms, Sports Memorabilia, etc. – Luxury, Classic or High-Performance Vehicles – Kidnap & Ransom, Extortion – Target / High Profile Status – High Limits of Personal Excess Liability – Financial Support of Family or Friends – purchasing homes, autos, valuables, etc. – Farm & Livestock, Equine, Bloodstock – Aircraft Ownership / Fractional Ownership – Domestic Employees; Housekeeper, Nanny, Caretaker, etc.

PROTECTING THE NET: Mass Torts and Professional Sports: What You Need to Know About Concussion and Prescription Drug Lawsuits and Related Insurance Litigation Wednesday, March 4th, 2015 By Noel Paul & Ron Boynar