NCAA March Madness tournaments are among the most anticipated and exciting events in American sports, drawing millions of viewers and generating significant economic activity.

But the massive popularity of the tournaments comes with risks that can affect participants, venues, sponsors and fans. From injuries to property damage and event-related cancellations, this article explores the potential risks and the insurance products available to mitigate the risks associated with major sporting events, concerts or festivals.
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Common major-event risks

• Injury risks: March Madness, as a high-stakes basketball tournament, inherently involves physical risks for players. Injuries to athletes, whether from collisions, falls, or overexertion, can have serious consequences for the individuals involved and the tournament’s operations.
• Liability claims: Like the athletes, fans and spectators attending the tournament may face also accidents or injuries while at the venue. Additionally, third-party vendors providing services or merchandise at the event could face liability claims if their products or services result in harm.
• Event cancellations or delays: Unexpected events, such as natural disasters, power outages, or public health emergencies, can cause cancellations or delays in the tournament. These disruptions may lead to financial losses for event organizers, sponsors and other stakeholders.
• Property damage: The venues hosting the tournament, including arenas and surrounding areas, face potential risks of property damage above and beyond those experienced in their normal operations. Whether from crowd surges, accidents or other unforeseen incidents, the costs of repairs or compensation can be significant.

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Insurance coverage options

Several insurance products can manage the risks associated with March Madness and similar events.