November 18, 2017:
The insurance, which is being introduced ahead of the first games of the FIBA Basketball World Cup 2019 Qualifiers, covers male and female players in senior, as well as U17, U18, U19 and U20 national teams, for temporary total disablement and surgical expenses.
The scheme ensures that FIBA can compensate clubs for players injured while at the national team with benefits based on their salaries and the number of days lost. Additionally, clubs will be compensated by FIBA for surgical medical expenses incurred during national team duty.
The new scheme marks a major step forward in the protection of players. It covers four times as many players than the previous arrangement - including wheelchair players - and embraces games across all regions.
By providing year-round cover at FIBA events, rather than in the summer only, the scheme is tailored to meet players' needs under FIBA's new calendar, introducing significant improvements to all the main conditions that applied in recent major competitions like the FIBA EuroBasket 2017.
Critically, it reduces both the excess period - the period before payments are made - and the scope of exemptions.
Arranged through Arch Insurance Company (Europe) Limited, a leading worldwide insurer, FIBA has set up a permanent dedicated help-desk to provide advice and assistance to players and their clubs. Each National Federation will be able to directly handle all the changes of their active rosters in real-time, through a user-friendly insurance software, specifically designed to meet the dynamism of the new competition system.
Patrick Baumann, FIBA Secretary General and International Olympic Committee (IOC) Member, said: "This is great news for players who are the most important people in basketball. This new scheme has been introduced in recognition of the amazing contribution they make to national team competitions which are the locomotive of basketball.
"It is a priority for FIBA to protect the players who give everything for the national teams and this scheme ensures they don't have to worry about the financial implications of an injury which keeps them out of the game. It also respects the interests of the clubs who release players for national team competitions."
Lino Leoni, Chief Underwriting Officer at Arch Insurance, said: "We are very excited about supporting players, teams and federations when they come together in the new FIBA calendar and competitions spreading the joy of basketball to fans around the world. With our assistance FIBA can provide financial support to federations and teams while their players 'rebound' from injuries to the court."