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Sports Marketing Chapter 8

AB
Riskthe possibility of a financial loss or failure. Individuals or companies are willing to take a risk because of the opportunity for success or financial gain.
Risk managementis the management, control, and prevention of exposure to internal or external risks.
Natural riskthe risk associated with the possibility of a loss due to natural causes.
Risk preventioninvolves dealing with risks before they occur
Examples of security badgeswristbands, photo ID cards, Magnetic strip cards, smart cards, bar code cards, proximity cards
Photo-identification cardsplastic cards or badges bearing a photograph, name, and other identifying information about a person.
Bar code cardsplastic cards with a number of vertical lines set in a pattern, containing identifying security information.
Proximity cardsare plastic cards with a magnetic strip containing encoded data that is read by passing the cards within a certain distance of a computerized electronic card reader.
Comprehensive general liabilityinsurance is a package policy that includes fire, theft and injury.
General liability insuranceinsurance provides broad coverage against claims of negligence or inappropriate action resulting in bodily harm or damage to personal property.
Board of Directors liability insuranceprotects volunteer board members from personal liability. For example, if an event goes bankrupt, the event managers or the board cannot be held personally liable or be directly sued.
Prize Indemnityprovides coverage when a participant wins a promotional contest. Contest examples are Hole-in-One Golf Tournaments and Field Goal Kicks for cash or prizes.
Permanent Disability Insuranceprovides coverage for an athlete or entertainer in the event that they suffer an injury or illness that permanently keeps them from working.
Non-Appearance or “No-Show”provides coverage if an athlete or entertainer fails to appear at an event due to accident or illness.
Economic riskis the risk associated with the possibility of a loss due to a change in the economy
Human riskrisk associated with the possibility of a loss due to human factors
Risk transferis passing the risk; for example, insurance
Safetyproviding the proper precautions to protect against harm, failure, breakage, or accident
Securityany measure taken to guard against crime or attack
Inclement weather insuranceprovides coverage for the cancellation of an event due to inclement weather



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