Silicon Valley-based EPIC Insurance Brokers has launched a new policy designed to protect high school athletes who have received a verbal offer for an athletic scholarship or grant from an NCAA Division I or Division II sports program. Education Protector offers insurance coverage for the window of time between the extension of a Verbal Offer and the formal signing of the Letter of Intent or an athletic grant from an Institution of Higher Learning. The policy provide funds for tuition reimbursement in the event the athlete is injured between receiving the verbal offer for an athletic scholarship or grant and the signing of the Letter of Intent, which binds the athletic scholarship or grant.
The Education Protector insurance product was designed specifically for eligible high school athletes under 21 years old and who have received a verbal athletic NCAA scholarship offer.
Education Protector will initially be available in the state of California with plans to expand the coverage across the country.
With the cost of a college education exceeding $200,000 in some cases, college-bound athletes dependent on athletic scholarships face major exposure to the loss of a scholarship in the event of injury prior to signing a letter of intent with an institution of higher learning. With Education Protector, students and their families can plan against this exposure to a lost education.
Facts about athlete scholarships:
- Divisions I and II colleges and universities provide more than $2 billion in athletics scholarships annually, according to the NCAA.
- The NCAA reports more than 126,000 student-athletes receive Div 1 or 2 scholarships each year.
- High school athletes account for an estimated 2 million injuries per year, according to the Center for Disease Control.
- In 2012, the California State Senate signed the nation’s first Student-Athletes Bill of Rights which protects student athletes from financial risks
EPIC Insurance Brokers and Consultants operates nationwide, offering many lines of insurance including commercial property and casualty, employee benefits, specialty program insurance, and private client services including individual risk and personal insurance portfolio management.
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