John Ritenour explains how to approach the unique challenges of sports insurance in an article in The Bank. Some in the insurance industry have shied away from this specific coverage area due to the special problems. Ritenour has taken it on directly by forming the IOA Sports Division. IOA is an agency founded by John Ritenour and wife Valli. It has taken a different path in empowering agents. Ritenour’s son is now the CEO as the firm continues in the family. The enterprise specializes in tackling new industries with a different outlook on how to conduct business.
The sports division began with a partnership with the Orlando Magic of the National Basketball Association. IOA became an official sponsor. This led to the agency becoming involved in the business of a professional basketball team.
John Ritenour deals with sports insurance in a manner that follows the company’s pattern. He is looking for what he calls the worst case scenario. What is a risk that may not seem common or apparent but has the potential to seriously impact the sports franchise? When that problem is identified, then IOA presents policies that can mitigate that potential liability.
Every sport is different. Football is much more of a risk than golf. For Ritenour, IOA is a risk manager. They do not consider themselves insurance salesmen in the traditional sense. John Ritenour identifies risks associated with sports teams, and then he and his son present these risks to the client sports team.
The team may say they want a policy to cover the risk, or they decide to take the risk and be self-insured. IOA presents that policy and a cost. The sports client makes the choice. This is all part of the IOA way of conducting business. It is all about protecting the sports client to know more click here