Amarillo, Texas-based Fairly Group and its sister-company OccuNet have unveiled an insurance product that covers medical expenses for collegiate student athletes who contract COVID-19.
Inspired by the viral #wewanttoplay campaign created by Ohio State quarterback Justin Fields, the policy is a solution directed at the need for NCAA schools to be able to provide financial protection for student athletes and their parents. By providing $250,000 in medical coverage for COVID illnesses, the policy helps colleges and universities shoulder the potential financial burden of serious COVID cases for student athletes in a cost-effective manner.
“When the NCAA mandated member schools be responsible for medical expenses related to COVID, we immediately began working on a solution,” Caleb Fairly, OccuNet’s president, said in a media release.
The wheels were put into motion for developing this product when the Big Ten and Pac-12 initially postponed their fall 2020 football seasons. If a student athlete ends up hospitalized due to COVID-19, the financial implications to the university could be substantial and currently, all products which collegiate athletic departments purchase to cover student athletes exclude coverage for communicable disease, the companies said.
Fairly Group is a risk consulting/brokerage firm advising clients throughout the United States and in more than 100 countries in multiple business segments including corporate risk, human capital and benefits, and a broad array of risk consulting specialties.
OccuNet is a cost containment technology firm focused on the rising cost of healthcare.
Source: Fairly Group
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