In the Leadership Viewpoint, Jayson Scott, the director, business development-U.S. Brokerage for Players Health, details insurance challenges facing the industry. Primarily, he focuses on rising insurance costs, coverage gaps and risk management strategies for community recreation.
Scott also highlights issues like increased claims activity, nuclear verdicts and market instability affecting multi-service non-profit facilities. He recommends proactive approaches such as comprehensive insurance strategies, regular risk assessments and innovative techniques like incident mapping. The discussion emphasizes the importance of understanding specific coverage needs, training staff and working with brokers who understand the unique operational landscape of community recreation centers.
Enjoy!
Key Takeaways
Insurance Challenges
- Rising premium costs driven by increased claims activity.
- Nuclear verdicts causing significant financial strain.
- Market instability with fewer carriers willing to insure multi-service facilities.
- Expanded services increasing liability exposures.
Coverage Gaps
- Organizations often discover coverage limitations too late.
- Critical gaps in cyber liability, abuse/molestation and professional liability.
- Need for comprehensive, tailored insurance strategies.
Risk Management Strategies
- Conduct regular risk assessments.
- Provide robust staff training.
- Develop documented policies, especially for youth protection.
- Implement incident mapping to identify safety patterns.
- Compare safety performance across multiple units.
Recommended Actions
- Work with brokers who understand specific operational models.
- Ensure insurance coverage reflects unique organizational needs.
- Proactively manage risks rather than react to incidents.
- Understand exactly what is and isn’t covered in current policies.
Forward-Thinking Approach
- View insurance and risk management as competitive business tools.
- Continuously evaluate and adapt safety protocols.
- Share best practices across organizational units.
The overarching message emphasizes proactive, strategic approaches to insurance and risk management in community recreation settings.
