Investing in quality equipment sets up your teams for success and you’ve likely curated an extensive collection of everything you need for effective training sessions and tournaments—from net systems, balls and training equipment, to first aid kits and safety gear.
But if you lose all of that equipment tomorrow, would you be prepared to replace it?
If your club travels with equipment and gear to attend tournaments, and your equipment is stored in various storage rooms, equipment closets and outbuildings at different gyms and training locations, then the valuable property your team depends on may not be covered by your current insurance policy.
Property insurance safeguards sports facilities and the possessions inside (including team equipment), but it typically has exclusions for property in transit or off-site storage. Without inland marine insurance, you may not have coverage for replacing equipment and gear lost in an unexpected event.
What is Inland Marine Insurance?
Inland marine insurance is a specialized form of property insurance that covers movable property while in transit over land or water. It covers items such as equipment, property and merchandise during transport, temporary storage and other certain scenarios that are not covered by standard property insurance. Coverage typically includes protection against risks such as theft, vandalism or damage caused by other perils when equipment is being transported or stored off-site.
What’s covered by an Inland Marine policy?
- Equipment and gear: Protection for equipment, gear, and tools used during practices, games, and events (such as balls, nets, uniforms, and training equipment)
- Property in transit: Coverage for assets in transit by club vehicles or third-party transportation
- Mobile electronic equipment: Protection for mobile electronic devices used by the club (cameras, sound systems, communication equipment, etc.)
- Event exhibits and displays: Coverage for promotional materials such as banners, displays, and other materials clubs transport to events and tournaments
- Temporary storage: Coverage for equipment and possessions temporarily stored at different locations (usually during an event)
Do Clubs Really Need Inland Marine Insurance?
Youth sports organizations, like junior volleyball clubs, depend on valuable equipment that must be moved frequently and often stored in different locations for games and tournaments. This can make it difficult to determine if exclusions in property insurance policies leave you with gaps in coverage.
While it’s easy to assume your equipment is safe, accidents do happen. A fire or flood can destroy equipment carefully packed in a storage room or set up at a sand court. Vandalism is also on the rise. Unfortunately, youth sports equipment and gear make an easy target. For example, when a youth soccer team arrived at a Pittsburgh field for a game, association officials found goalposts riddled with bullet holes. The damage was so severe that the entire goal may need to be replaced, a purchase that would cost the association thousands. In another unfortunate situation, a suburban youth Chicago football team had more than $12,000 worth of equipment that was safely stored indoors stolen. Without the right insurance coverage, these situations can be debilitating to a club or team who would need to pay out of pocket to replace their equipment.
Is Your Property Insurance Enough?
Property insurance is designed to cover dwellings and the possessions inside. Exclusions mean that your equipment and gear are unlikely to be covered during travel, and an unexpected event could result in thousands of dollars in losses. A car theft targeting an Illinois coach’s truck outside a hotel in Texas resulted in the loss of more than $50,000 of AAU Junior Olympic team equipment that was inside the truck. Such a random event could easily happen to any team, and without the right insurance coverage, these types of losses require youth organizations to start over.
The best way to ensure your club and equipment are properly protected is to speak with an insurance advisor who specializes in inland marine coverage for your industry. They can assess your current coverages, identify any gaps and explain your options in detail so you can make the right decisions for protecting your club and equipment.
Closing the Block: Equipment Protection Hot Tip
Take inventory and assess coverage
Knowing what you have and how each item is protected will help you recover if an unfortunate incident occurs. Create a list of all the equipment and gear your teams depend on, then assess your insurance policies to determine adequate coverage. If you’re unsure about your equipment coverage, discuss your policies and needs with your insurance advisor.
View more business education for volleyball club directors.
About the Author
Mike DiNottia is a client advisor at World Insurance Associates (World). World is a leading insurance brokerage in the U.S. specializing in business and personal insurance, employee benefits, retirement plan services, and payroll & HR solutions. The JVA and World have partnered together to bring JVA Members educational articles and content to help you learn about your unique risks and exposures, and how to better protect your businesses, members, and families in general. Feel free to reach out to Mike directly with any questions at mikedinottia@worldinsurance.com
Stories like the one above are intended to be informational in nature. Insurance coverage will vary depending on language specific to your policy and your specific facts and circumstances. Please contact your insurance broker and/or agent for your specific coverage implications based on your specific situation and follow any claims reporting procedures from your policy with your broker if there might be a claim. Nothing in this story should be considered as legal advice or opinion and you should seek independent advice or legal counsel.
