Fantasy Insurance? When "Cover-2" Is Not a Football Formation

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Fantasy Insurance? When
(Photo by Jim McIsaac/Getty Images)

New England Patriots’ All-Universe quarterback Tom Brady was supposed to guide his team back to the Super Bowl in 2008.


He was supposed to exact revenge on the loss to the New York Giants and put all those 19-0 t-shirts to good use. It was a given, as much as a sure thing as any bet ever placed.


Brady’s performance in 2007 also made him the highest drafted quarterback in every reasonable 2008 fantasy football league.


Brady was injured in the first quarter of the first game and his season was over. Hundreds of thousands of Patriots fans held their breath. However, millions of fantasy team owners instantaneous were heard sobbing ‘round the world as they saw their season end before it even had a chance to start.


Drafting the right players is the most basic skill needed to win a fantasy league. It will make or break your fantasy team. Working trades and waiver wires is secondary.


So, what happens when you draft all the right players, but injuries ravage your team rendering it worthless and destined to finish in last place? Say goodbye to your $50!


Not so fast! Fantasy owners can rest easy because there is now Fantasy Sports Insurance available to protect your fantasy investments.


Yes, investments. The world of fantasy sports has grown to epidemic levels across the country.


Fantasy geeks spend an average of $200 on a football, baseball, hockey, basketball, or soccer fantasy league. Average. There are even fantasy leagues for umpires in baseball ejecting players or managers!


Television and radio networks as well as sports websites used to really concentrate on reaching the “true” sports fan to help increase their advertising revenues. The trend today seems to have shifted as there is programming, tickers, and websites everywhere you look that focus on the fantasy sports world.


Every major sports website and network has incorporated fantasy coverage and updates into their programming. Fantasy leagues are now the focus of many of the sports websites like ESPN, CBS Sports, Yahoo!, and countless others that once viewed themselves as “too serious about sports” to consider covering fantasy freaks’ interests.


Billions of dollars are spent every year on fantasy sports and now you can get protection for your individual investment.


Starting with the 2009 NFL season, fantasy owners can take out an insurance policy on the top 50 players in fantasy drafts (as determined by the carrier). Owners will need to use foresight, because the coverage needs to be activated prior to the start of the season.


The policy allows flexibility to “cover” one to four players on the team under a combination of terms based on games missed due to injuries. When the team suffers injuries that accumulate to the number of games needed to activate the insurance coverage the full amount of the policy coverage is paid out by the insurance provider.


For instance, you draft Tom Brady. He is injured in the first quarter of the first game and misses the rest of the season (that’s a recap of 2008 not a prediction for 2009). You purchased a policy that covers the aggregate league costs if one player (in the top 50) misses 15 games due to injury. You get reimbursed the amount you selected for coverage.


Aggregate league cost is an accumulation of all costs incurred for that specific fantasy league including league dues, transaction fees (trades/waiver pick ups), website fees, magazines, etc. The average aggregate cost of a fantasy football league is around $200.


The average premium cost for an insurance policy is around 10% of the policy coverage. That means if you invest $20 on a $200 policy, you can recoup your $200 based on meeting the terms of the coverage.


It’s just like any other insurance policy. We protect our homes, cars, jewelry, health, life/death, and other valuables with insurance. Now we can protect our fantasy investments as well.


Soon, there may be a fantasy league where the insurance is the focus. Drafting players who are likely to get injured and insuring the players who stay healthy?


There is no chance of that happening. Fantasy sports are never going to be that popular!

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