Sporting Clubs Personal Accident Insurance
The Situation
Following the growing need of assistance within the Motorcycling & other “high risk” industries, OTTA Insurance has been working with partner insurers and the COA (CAMPING, OUTDOORS & ACCOMMODATION CO-OPERATIVE LTD) to provide an independent, ongoing insurance solution to industry members and participants of sports, via both APRA authorised (Australian Government Approved) and UFI/DOFI (Off-shore) providers.
What we have accomplished
We have been able to successfully source cover options for clubs and individual members/participants of sports in Australia, via an APRA approved/authorised insurer, to allow for clubs and their members to be insured and operate independent from the current primary operating association bodies.
The Cover
Group Personal Accident Covers
Group Personal Accident covers, which are usually a cover inclusion seen as part of individual memberships within association bodies, are a way for a club/group to provide a small coverage option to a large number of members via usage of their “group buying power”. This product can provide the potential for coverage following an injury whilst participating in the activities provided/facilitated.
Group Personal Accident covers can provide a significantly favourable cost-effective solution to clubs and their members that are concerned about the potential of injury at their location. These covers when utilised are generally also made a compulsory requirement prior to a member gaining the right to participate in the activities provided/facilitated. Such as a compulsory membership prior to riding at an event hosted by a Motorcycle Sporting Club.
Pros
- Cost-effective cover option
By utilising a club/member group’s “group buying power” individual members can
receive access to a form of cover, generally limited in nature, either by limited
coverage or restricted use, for as little as a few hundred dollars per person/member.
Cons
- Limited Cover
Due to the broader, untailored coverages, offered by these policies, covers can be quite limited, and in turn, not appropriate for an individual’s needs.
Some cover limits that can be seen are as follows:
- Weekly income limitation of $500 per week, or
- potential limitation to capital benefits, with some benefits being restricted to
$10,000 – $50,000 following death/disablement.
Although the price of these covers is reflective of the coverage itself, a Group Personal Accident product is generally unable to extend to meet the needs of a specific individuals’ circumstances, thereby creating the need to either hold 2 policies. The mandatory Group Personal Accident policy, & another tailored policy, such as an Individual Personal Accident or other form of Life/Income protection cover, or alternatively, face a potential lack of cover via the Group Personal Accident policy only.
Tailored Individual Personal Accident Covers
Unlike Group Personal Accident Covers, an Individual Personal Accident &/or Sickness/Illness cover, can provide a tailored 24/7 cover solution to an individual. To protect them, and potentially their families, from loss of income/financial impacts in the event of a claimable situation such as an injury, illness (if cover option selected), or death/disablement (if Capital Benefit covers are also taken).
Our office has negotiated covers with our network of insurers to facilitate significantly favourable coverage options for customers who participate in sports such as amateur motorcycle riding.
Pros
- 24/7 Cover
The cover solutions provided by an Individual Personal Accident &/or Illness cover, unlike a Group Personal Accident cover, are generally 24/7 covers in nature.
This means, these covers have the potential to respond to incidents that arise
- at work
- outside of work
- on the track
- off the track
- at home
- at the shops
- etc.
By doing so, these covers generally provide a significantly improved coverage to the standard Group Personal Accident covers when compared to the benefits received by members individually.
- Increased/Tailored Covers
In addition to the 24/7 scope of cover that can be provided, the limits of cover can be tailored to an individual’s needs, with weekly benefits upwards of $2,000 being made available following an injury. Or Capital Benefits of up to and over $200k available following death/disablement. The end covers can be tailored by the insurer and individual to better meet their overall needs.
Cons
- Increased Cost
Although a tailored Individual Personal Accident &/Or Illness cover can provide a significantly favourable form of cover, it can come at an increased cost when compared to a Group Personal Accident policy.
With this noted, members who operate in a commercial capacity such as a sole trader, may already have these forms of covers as a requirement in their workplace. Therefore, it could be seen to be more cost-effective to improve on these covers to extend to the inclusion of cover for sporting activities, rather than being forced to take out an additional Group Personal Accident cover with its potentially limited coverages.
The Solution
Both forms of these covers have the potential to assist your club/group and its members by providing a form of protection against financial losses which can arise following an injury/accident to a member participating in an activity at your location.
It is up to you, your club, and your members to determine what option suits your situations best.
If you would like to have a chat with an individual, who has extensive knowledge and experience in sports and within the insurance industry, you can contact Ryan Sharvell directly on 0482 696 754.
Specialist Insurance Partner
With over a decade of experience working within the hard-to-place sector of insurance. OTTA Insurances broker team has assisted multiple clients with sourcing covers in areas now deemed “high-risk” following multiple declines from alternate brokers, and has also provided more appropriate covers, with higher limits of cover, lower excesses and cost-effective premiums for clients who have received undesirable terms from other representatives.
We have also succeeded where others have failed in managing and advising on claims to ensure that where possible, you are getting not only the best value for money, but what you paid for.
Now more than ever is the time to work with a knowledgeable and trustworthy insurance partner for your covers.
Hours
Monday
09:00 am – 05:00 pm
Tuesday
09:00 am – 05:00 pm
Wednesday
09:00 am – 05:00 pm
Thursday
09:00 am – 05:00 pm
Friday
09:00 am – 05:00 pm
Saturday
Closed
Sunday
Closed