We are pleased to report that JLM has been authorized to write errors & omissions insurance for the nearly 1,000 NFL certified contract advisors. With premiums for contract advisors starting at $1,750 and increasing based on the number of clients, the Authority has helped create an opportunity for JLM to penetrate a market that produces between $2-3 million in premium dollars each year, much of which is commission.
In 2004, the National Football League Players Association (NFLPA) conducted a survey of its agents and found that more than two-thirds of its 800 certified contract advisors did not have any insurance. For those who said they did have insurance, further review showed that most did not have insurance covering their activities as an agent, only for their law practice activities. When these survey results were revealed to the NFLPA Board of Player Representatives, they responded by voting in 2005 to make insurance mandatory for agents in order to maintain their certification in good standing. Today, the NFLPA is the only major sports union to require insurance for its agents. The insurance covers agent activity such as providing services to NFL players in the negotiation and enforcement of their NFL player contracts, and providing advice to players with respect to the protection and enforcement of their rights and benefits under the CBA The NFLPA even had been operating exclusively with Capital Professional Insurance Managers (CPIM) to provide an insurance product designed for this coverage. Enter JLM Risk Management Group (JLM) a
minority-owned company that provides professional risk management and insurance services. JLM provides a complete range of advisory, risk management, and insurance services to corporate and private clients and actively participates in the global insurance marketplace through a closely integrated network of insurers and intermediaries.
The principals of the Authority have been working in the sports space for over 25 years. During that time, we have seen far too few businesses or organizations of color do any significant business in the $500 billion per year sports industry beyond providing the labor from which the billions are generated and notwithstanding the domination of minorities at the player level. Enter the National Sports Authority. We worked closely with the principals of JLM to ensure that the NFLPA, a union whose membership is nearly 70% Black, that the time was right, now, to fix this glaring omission.