PERSONAL RISK MANAGEMENT FOR SPORTS FIGURES

As the world of professional sports has grown into a powerful, multi-billion dollar industry, today’s professional athletes, team owners, media personalities, and sport-industry partners have more opportunities to build wealth — and face more risks to their wealth — than ever before.

To help protect their financial stability and address the Any and all of these circumstances can change insurance complex risk management needs of their personal needs in unforeseen ways and leave the sports figure open property and casualty exposures, it is crucial that these to significant loss of worth after an accident, theft or sports figures consult with an insurance broker who lawsuit. This level of exposure can be addressed with a specializes in understanding and solving for the customized comprehensive personal risk management vulnerabilities that come along with substantial wealth. program that takes into consideration the exceptional nature of their property and assets. MORE SUCCESS, MORE RISK Typical insurance programs are not designed to provide OPTIMAL COVERAGE adequate protection for the realities facing sports figures, As one’s income rises, they are more likely to purchase who can quickly outgrow their existing insurance high-value assets with superior craftsmanship and special protection as they achieve greater public prominence, features — homes with marble floors, elaborate pools and increase their income, purchase additional properties and landscaping, or in-house movie theaters or gyms; valuable assets, gift assets to family and close friends, and hire collections of jewelry and art; antique or exotic cars; luxury assistants and other employees to help them manage their yachts; and even additional properties such as vacation expanding lifestyle. homes, ranches, and vineyards. These assets are often so distinctive that standard insurance policies are unlikely to provide adequate protection in the event of a loss. As the world’s leading insurance broker, Marsh Further, sports figures, like others in the public eye, are maintains close relationships with elite insurance more likely to be targets of identity theft, kidnap/ransom carriers, specifically those catering to high-net-worth or extortion situations, stalking, or home invasion, and are individuals and families. Private Client Services utilizes more likely to enjoy extensive travel to international our market strength to access optimal insurance destinations. Again, standard insurers often do not have coverage options and services on behalf of our clients. the expertise or ability to provide coverage and guidance to athletes looking to protect themselves against these uncommon risks. Marsh maintains relationships with select insurers that recognize the need for expanded, specialized coverage and offer enhanced policies to provide the level of protection needed for these unique assets and lifestyle liabilities. They often include additional services such as access to personal security consultants or background screenings for employees. Comprehensive Consultation The varied property and assets of those with wealth typically create incredible complexities that must be navigated with great care when it comes to insurance ABOUT MARSH PRIVATE protection. It’s crucial to have an in-depth, thorough consultation with an insurance CLIENT SERVICES broker to ensure special situations are properly addressed. For nearly 35 years, Marsh Private Client Services has focused on providing For example, it’s not uncommon for sports figures to purchase cars or even homes personal risk management to highly for family members. This generosity is admirable, but it’s important to be clear successful individuals and families who about the ownership structure. The more assets under the athlete’s name, the value expert advice and personal higher the liability risk. Plus, if he or she is the owner of the home on paper, but is consultation. We create customized, not the primary resident, there could be insurance implications. comprehensive personal risk management programs that may To gain a complete understanding of each client’s lifestyle and risk profile, Marsh include coverages such as: Private Client Services begins every new client relationship with a confidential, comprehensive personal risk management consultation. We analyze their current • Homeowners, condos, and vacation insurance program taking into account both present circumstances and future properties. plans. We then create and deliver a holistic set of recommendations for an insurance • Auto, including antique and exotic program explicitly designed for the client. vehicles. • Personal liability. As a sports figure’s career develops or transitions, so will their insurance needs. Our • Valuable Articles such as jewelry, dedicated Personal Risk Advisors proactively manage the insurance program of fine art, and other collectibles. each of their clients through ongoing service, regular reviews, personal advice and consultation, and claims advocacy in the event of a loss. • Luxury yachts. • Flood. • Independent Directors Liability. Protecting the properties, assets, and lifestyles of those • Workers’ compensation. with wealth and fame requires sophisticated expertise, • Employment Practices Liability. tailored solutions, strict privacy, and exceptional service • Equine. that can only be achieved through a trusted advisor • Aviation. relationship with a qualified insurance broker. For more • Kidnap and ransom. information about insurance solutions for sports figures, In addition to sports figures, we work or to request a complimentary personal risk management with individuals and families who face review, contact Marsh Private Client Services. complex risk issues related to multiple holdings, significant responsibilities, and wealth and asset protection. Our clients have multiple homes, significant Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman. This document and any recommendations, analysis, or advice provided by Marsh (collectively, collections, high-value assets and the “Marsh Analysis” are not intended to be taken as advice regarding any individual situation and should property, high-profile lifestyles, board- not be relied upon as such. The information contained herein is based on sources we believe reliable, but of-directors responsibilities, public we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party arising out of this publication or any company leadership roles, or extensive matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are multi-generational family based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as considerations. actuarial, tax, accounting, or legal advice, for which you should consult your own professional advisors. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or Contact Marsh Private Client Services to incomplete or should change. Marsh makes no representation or warranty concerning the application of arrange a comprehensive, confidential, policy wording or the financial condition or solvency of insurers or reinsurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Although Marsh may provide and complimentary personal risk advice and recommendations, all decisions regarding the amount, type or terms of coverage are the management review and see how we ultimate responsibility of the insurance purchaser, who must decide on the specific coverage that is can help you protect your property and appropriate to its particular circumstances and financial position. your lifestyle. 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