Insurance Helps World Cup Players Focus On Goals
http://www.iinc.org/articles/363/1/Insurance-Helps-World-Cup-Players-Focus-On-Goals/Page1.html
Published on 06/7/2010
An injured soccer star in the 2010 FIFA World Cup may cost his country a chance at the title, but his injury may prove even more costly to his professional team.
Most players in the World Cup tournament play professionally for club teams around the world. These pro teams insure their players for injuries sustained in both regular season and international matches.
With Contracts in the Millions, Teams Use Coverage to Protect Their Stars
An injured soccer star in the 2010 FIFA World Cup may cost his country a chance at the title, but his injury may prove even more costly to his professional team.
Most players in the World Cup tournament play professionally for club teams around the world. These pro teams insure their players for injuries sustained in both regular season and international matches. These complex insurance packages help sports franchises remain competitive even if they lose a star player to an on or off field injury.
“A season can turn on an ankle,” said Candysse Miller, executive director of the Insurance Information Network of California. “Insurance coverage helps level the field between financial security and a devastating loss.”
Teams can benefit from salary coverage, which allows them to sign replacement players without overburdening their payroll. Policies for athletes, meanwhile, include coverage for the loss of future earnings, the added costs of marketing an injured player and even the loss of promotional endorsements.
In the United States, policies for professional athletes typically costs two-to-three percent of their salary. Factors which contribute to insurance prices are the player’s age, sport and position, history of injury and the amount of expected game time.
Like World War II-era actress and pinup girl Betty Grable, Portuguese soccer star Cristiano Ronaldo’s legs are insured against a career-ending injury. In addition to the reported $144 million policy on his legs and feet, Renaldo is also insured against loss of future earnings, which protects his lucrative endorsement income.
However, there is one Ronaldo risk many insurers won’t touch -- his driving. Last year, at age 23, he destroyed his $300,000 Ferrari 599 GTB in a crash.
IINC is a non-profit and non-lobbying trade association dedicated to helping the public understand insurance and manage risk. For more information, please visit www.iinc.org. IINC is also on Twitter at http://www.twitter.com/iinc and on Facebook at http://companies.to/iinc.
An injured soccer star in the 2010 FIFA World Cup may cost his country a chance at the title, but his injury may prove even more costly to his professional team. Most players in the World Cup tournament play professionally for club teams around the world. These pro teams insure their players for injuries sustained in both regular season and international matches.
Insurance Helps World Cup PLayers to Focus On goals
With Contracts in the Millions, Teams Use Coverage to Protect Their StarsAn injured soccer star in the 2010 FIFA World Cup may cost his country a chance at the title, but his injury may prove even more costly to his professional team.
Most players in the World Cup tournament play professionally for club teams around the world. These pro teams insure their players for injuries sustained in both regular season and international matches. These complex insurance packages help sports franchises remain competitive even if they lose a star player to an on or off field injury.
“A season can turn on an ankle,” said Candysse Miller, executive director of the Insurance Information Network of California. “Insurance coverage helps level the field between financial security and a devastating loss.”
Teams can benefit from salary coverage, which allows them to sign replacement players without overburdening their payroll. Policies for athletes, meanwhile, include coverage for the loss of future earnings, the added costs of marketing an injured player and even the loss of promotional endorsements.
In the United States, policies for professional athletes typically costs two-to-three percent of their salary. Factors which contribute to insurance prices are the player’s age, sport and position, history of injury and the amount of expected game time.
Like World War II-era actress and pinup girl Betty Grable, Portuguese soccer star Cristiano Ronaldo’s legs are insured against a career-ending injury. In addition to the reported $144 million policy on his legs and feet, Renaldo is also insured against loss of future earnings, which protects his lucrative endorsement income.
However, there is one Ronaldo risk many insurers won’t touch -- his driving. Last year, at age 23, he destroyed his $300,000 Ferrari 599 GTB in a crash.
IINC is a non-profit and non-lobbying trade association dedicated to helping the public understand insurance and manage risk. For more information, please visit www.iinc.org. IINC is also on Twitter at http://www.twitter.com/iinc and on Facebook at http://companies.to/iinc.