Insuring your property and equipment

February 20, 2018
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As every athlete, and parent of athlete, knows, sporting equipment carries a heavy price tag. Having to replace this equipment for wear and tear comes with the territory, but what about those instances when the equipment needs to be replaced for other reasons?

Travelling to a sporting competition with your equipment takes some advance planning and conversation with your broker to make sure your equipment is covered in case of damage or loss.

Things to consider when preparing to travel with your equipment

1. Does your policy cover property worldwide? Are there any limitations on coverage territory?

2. Who owns the sporting equipment? In most cases, only the equipment owned by the Policy holder will be covered, not equipment owned by individual athletes.

3. If you aren’t covered by the association, will your homeowner’s policy cover this equipment while you’re competing?

4. If you’re borrowing equipment from your association, is this equipment properly insured for travel?

If you’re a member of an association for a sport that requires high value equipment, consider asking them to develop a buy-in program to insure your equipment for travel, damage and participation in sanctioned events.