The number of insurance agencies in the sports industry is a modest few, influenced by the increasingly litigious nature of participants, parents, and others as well as other factors.
Most agencies are moving away from the industry.
But not Monument Sports (http://www.monumentsports.com/), an agency that embraces its mission “to address the specific needs of professional and amateur sports organizations, businesses, and individuals.”
The company is all in, as evidenced by the following passage on its web site: “sports related exposures and risks differ significantly from the risks involved in the general insurance marketplace. Monument Sports recognizes these differences and is committed to delivering tailor-made programs and services. As sports insurance specialists, we help our clients identify, understand, and manage their risks. We assist our clients in placing: Commercial General Liability, Workers Compensation, Property, Participant, Accident/Supplemental Medical, Business Auto, Umbrella and other coverages.”
To learn more, we interviewed Monument Sports President Mark Grossman and Zach Morgan about the company’s place in the industry.
Question: How and when did Monument Sports get its start?
Answer: Monument Sports was formed and began operating Aug 1, 2000. Our president Mark Grossman had been in the insurance business for 18 years at that point, and had developed a specialty in professional and amateur sports. He realized that there were no insurance agencies dedicated to this level of sport, and formed the company accordingly.
Q: What percentage of your business is in the sports industry?
A: 100 percent. We only focus on sports and recreation insurance.
Q: How is your customer base in the sports industry divided, and what services do you sell in those segments?
A: I would say our customer base is divided based on sport and level of competition. We have several “programs” that focus on a specific exposure or sport, and in addition to that, we work with professional sports teams and leagues as well.
Q: Do any of your products tie into concussion risk? If so, how are those products changing?
A: We take pride in our risk management services. With regard to the concussion risk, we offer specific concussion related training material for employees, coaches, parents and participants. These products and solutions are in high demand because of insurance carrier requirements, of course, but also because it is in everyone’s best interest to try to prevent and control concussions in sports.
Q: What kind of services do you provide to sports facilities?
A: Going back to risk management, we are available for facility visits and/or risk management conference calls. We will review the waiver collection process, address potential claim scenarios, discuss a formal incident reporting program, etc. We also ensure the facility has the correct and most appropriate coverage. Unfortunately, some facilities do not carry the right coverage for athletic participation.
Q: What kinds of products are in high demand when it comes to facilities and why is that?
A: I would say the products being offered (general liability, property, workers compensation, among others) may seem like standard lines of coverage but this industry comes with different risks and exposures than your standard business. We make sure your exposures are aligned with the right insurance product.
