Sports & Entertainment

Our experts offer comprehensive services relating to the identification and assessment of risks in Sport & Entertainment sector. The success of a business can be affected when risks remain unidentified and when they are not counteracted by the appropriate measures. The same danger exists when risks are underestimated or ignored.

Understanding Your Risks

What are the services we are offering?

Risk Identification: The first step in the process is to identify current and future risks. This is a critical step in the process and the work that follows. If a risk is not detected, it can be neither evaluated nor eliminated. This presents a threat to the company because it is exposed to the risk without protection. In the identification of risks, experience and technical/legal knowledge (e.g. contract analysis) are essential.
Risk Assessment: To be able to estimate the impact of a risk, the identified risks are assessed. The assessment is applied according to the probability of occurrence and the associated potential impact. In technical terms, the assessment of the financial extent of damage is paramount for the valuation of the insured sum.
Risk Measures: In the management of risks, measures of the identified and assessed risks are taken. These measures must comply with the determined risk policy. The objective is to balance opportunities and risks and implement a risk strategy. As part of an effective risk strategy, four different control possibilities are available: risk elimination, risk mitigation (self-retention), risk transfer e.g. to an insurer, or acceptance of the risk.
Risk Control: The communication of risks as part of the process should be expedited to ensure the prompt sharing of relevant information and to strengthen risk awareness in general. A review of the actual risk situation should be prepared at least annually, in conjunction with the insurance broker, and future challenges or measures should be discussed.
Claims Management: Successful claims management is vital for the policyholder. The insurance broker takes on a central role here and ideally supports their client clearly from the outset. The broker advises and represents the policyholder to the insurers, and discussions can be very complex and lengthy. Our experience is especially relevant here.

Providing Tailored Solutions

Besides traditional insurance products like Property Damage, Business Interruption or Third Party Liability we offer a wide range of tailor-made specialist insurance solutions.

Personal Accident/Sickness Insurance: Various forms of cover are available to offer benefits to professional athletes in the event of death, injury or sickness
Prize/Bonus Indemnity Insurance: This allows a sponsor or promoter the opportunity of offering a significant bonus or prize with the protection of insurance cover should the prize or bonus be won.
Cancellation/Abandonment of an Event including Non-appearance Insurance This insurance cover serves to protect the promoters, organisers and sponsors in respect of losses arising from the Insured Event being cancelled, abandoned, postponed, interrupted or relocated due to any cause beyond the control of the event organisers.
Loss of Television Transmission: This cover will provide compensation for any loss of scheduled airtime which might arise due to various causes.
Death & Disgrace Insurance: Cover is available on personalities who are essential to an advertising campaign should they die or disgrace themselves.
Negative insurance: Covers the additional costs of the insured that arise from damage to the film material in the period from the beginning of shooting until the finalizing of the film product. Negative insurance therefore covers both risks incurred during shooting and in laboratories.
Cast insurance: This type of insurance covers additional costs that arise from extension of shooting period in connection with an illness, injury or death of the named key stage crew members – e.g. a director and the main characters.
Extra expenses insurance: It covers additional costs that arise from extension of shooting period in connection with a material damage to the used props, sets and wardrobe or to the filming equipment.
Errors & Omissions: This cover indemnifies the Production Company in respect of any sums which they shall become legally obligated to pay as damages resulting from claims made arising out of invasion or infringement or interference with the right of privacy or publicity.

Creating Added Value

At GrECo we understand that every client is different. By gaining an understanding of your business strategy and goals, we design your insurance program and risk management consultancy to meet your needs.

Our clients include:

Sport Associations: We design and place the insurance programmes for these organisations, and as part of the continuous consulting process, the concepts and strategies are adjusted regularly.
Sport Clubs: These clients can be anything from non-professional sports (such as a local sports club operating several departments) to the professional clubs.
Event Organizers: A number of parties are involved in hosting an event.
Marketing Companies: The rights to an event contribute a significant amount to the financial outcome of an event and should be analysed in terms of risk.
TV Stations/Broadcasters: The host broadcaster of a sports event is exposed to both warranty as well as liability risks.
Sports Products Manufacturers: Many sports products manufacturers advertise by means of endorsement.
Sponsors: Sports sponsorship is an attractive advertising platform for companies due to the wide reach and the (predominantly) positive image of sporting achievement. Depending on the contractual agreements risks can arise that need to be insured.
Professional Athletes: Professional athletes earn their living playing competitive sport for a short period of time compared to people in most other careers. Risk and insurance management should take into account this short career, their marital status, cost of living, existing liabilities, property and other factors.

Jiří Kulas

Practice Leader Sports & Entertainment

T +420 602 123 724

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Understanding Your Risks

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Sports & Entertainment

Understanding Your Risks

Providing Tailored Solutions

Creating Added Value

Related Solutions

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