A new Sports Personal Accident and Loss of Income Policy, taking into account over 120 sports and providing cover for children as well as adults, has been launched by karmainsurance.com.
It insures age groups and injuries (such as fractures and dislocations) that many providers exclude and offers wide-ranging benefits including subsistence and hospitalisation allowances.
The policy recognises advances in medicine by including in its criteria ‘loss of the use of a limb’ as well as the limb itself and will pay those suffering from a loss of intellectual capacity. It also recompenses parents for the costs they incur whilst a child is in hospital and subsequently recuperating.
Karma offers instant online cover with no proposal form or medical questions. The product is available on a monthly pay as you play basis or annually and the lump sum benefits/monthly income cover can be purchased separately or together in units, dependent on the level of payout required. There is also an option to defer the payment period.
Cover starts at £2 per month for under 18s and £3 per month for adults. Sports covered include; contact and equestrian activities, horse riding, boxing, motorsports, motorcycling, go-karting, parachuting and martial arts.
Karma managing director Brian Wright says “Many contracts are outdated and their wording fails to reflect the expertise of doctors, breadth of injuries or needs of policyholders. Why should someone have to lose their limb or eye before they receive a pay out? The chances of medics saving the limb are higher than ever, so why only have loss of limb on the policy? Equally, why reject children? They are positively encouraged to play sport by the Government and Sports Council, but little attention has been paid to the financial consequences a child’s injury can have on the family income. More parents work nowadays so they may have to take unpaid leave or pay a childminder to look after their child during the recovery period. With this Policy, parents can have a lump sum and allowances. I believe this is the most modern, comprehensive and cost-effective policy on the market. We have been unable to compare costs on a like for like basis with other providers as there is nothing out there that matches our level of cover and benefits. It is insurance for everyday sporting injuries. People who are injured will receive a payout swiftly without any fuss and it avoids the need to prove negligence. You make the claim and get paid.”
Karma recently signed a two-year deal to offer its insurance to the RFU’s 550-affiliated clubs across the UK, via the Rugby Round-Up organisation, and also provides travel and medical cover to sports teams playing abroad.