alexander72 Posted September 27, 2013 Share Posted September 27, 2013 No Andrew, its insurance speak as I was in a rush so may I apologise. In the near future we hope to be offering an insurance product for the Trackday and Competition motorists that will cover 1st party vehicle damage, 3rd party propoerty damage and Bodily Injury along with legal and technical defence costs should AN Other make a claim against you. There is a lot of work to be done but we hope it will be available for next season. All the best James Quote Link to comment Share on other sites More sharing options...
kevip6 Posted September 27, 2013 Share Posted September 27, 2013 Looks like the statement from Chaucer has sorted the issue - Details on Blatchat. Have you got a link to this on blatchat Pete? I couldn't find it Quote Link to comment Share on other sites More sharing options...
Andrew Posted September 27, 2013 Share Posted September 27, 2013 Have you got a link to this on blatchat Pete? I couldn't find it http://www.blatchat.com/t.asp?id=234144 It's about page 4 or 5 Quote Link to comment Share on other sites More sharing options...
Wile E. Coyote Posted September 27, 2013 Share Posted September 27, 2013 Interesting idea James - couple of observations though: 1) I do wonder if there is sufficient data available for risk profiling (my guess is it's very poor as uninsured incidents won't be on the radar). 2) Are reps and warranties understood by the average track-dayer? I suspect not, but whether they'll sign anyway... 3) I also wonder how comfortable potential insurers are with the risk profile changes if insurance becomes more widespread. Fair enough though if they think they can profile, price, and lay it off (if necessary)... FWIW, I wouldn't want to rely on the disclaimer addition suggested over on Blatchat. Quote Link to comment Share on other sites More sharing options...
alexander72 Posted September 27, 2013 Share Posted September 27, 2013 Wile, Whilst I am a tree surgeon now I was, in a previous life, an underwriter of waivers, indemnites and warranties. There is a well established market for such contractual exposures in the City and IF we can put a product together then great - it wont be a panacea for all people but it should be robust product that wont mean bankruptcy for the average person who has an unfortunate accident and then gets sued. As i said its a long way off but we are working on it. All the best James Quote Link to comment Share on other sites More sharing options...
Wile E. Coyote Posted September 27, 2013 Share Posted September 27, 2013 There is a well established market for such contractual exposures in the City Indeed. Just curious as I would have expected the paucity of data would make it tricky to accurately profile, which usually translates to pricing being on the cautious side. Quote Link to comment Share on other sites More sharing options...
Andrew Posted September 27, 2013 Share Posted September 27, 2013 pricing being on the cautious side. I understand that, .. bl**** expensive! How much per day are we talking about James? Quote Link to comment Share on other sites More sharing options...
Nick Algar - Competition Secretary Posted September 27, 2013 Share Posted September 27, 2013 I understand that, .. bl**dy expensive! How much per day are we talking about James? I think you will have to wait to find that out Andrew. James is still trying to answer the first question which is 1) is it possible. Then 2) how much can be answered. Quote Link to comment Share on other sites More sharing options...
Andrew Posted September 27, 2013 Share Posted September 27, 2013 I think you will have to wait to find that out Andrew. James is still trying to answer the first question which is 1) is it possible. Then 2) how much can be answered. You forgot 3) Nick.. is it wanted? As I said 'tother night, I've done over one hundred track days over the last ten years or so.. only seen a couple of car to car contacts, never seen anyone injured or worse.. Quote Link to comment Share on other sites More sharing options...
Terry Everall Posted September 27, 2013 Share Posted September 27, 2013 Its litigation gone mad If you drive quickly on track then everyone gets it wrong sometime I have never seen 2 cars come into contact as Andrew says I always accepted that if someone hit me or I hit them that there was a "no blame culture" just like racing as often my speed would be the same as if I was racing as we are on the limits of the car. We seem to live in a society that always want to blame someone! and it could end up ruining peoples pleasure. I have hit oil on a wet track at 130mph whilst sprinting and crashed quite heavily . The marshalls had not seen the oil and I broke 2 ribs and damaged the car. Should I have claimed against the organisers .......NO! Its an inherent risk that I and others accept. I have also been let out in front of Barry Slingsby at Anglesey during a sprint but after a few expletives we got on with it. Nobody is infallible and it is motorsport (even trackdays are motorsport) so either accept the risks or dont do it. In the incident video it seems that both drivers got it wrong and left the track at speed so are equally to blame. If the Lotus man had stayed on the black stuff the BMW would not have hit him. I did not see any marshalls waving yellow flags so no warning of a parked car. Quote Link to comment Share on other sites More sharing options...
SootySport Posted September 27, 2013 Share Posted September 27, 2013 Strange turnaround on Blatchat page3. The insurance company are not going to persue their claim against the Civic driver for the £21k. Unusual decision I know but have a read. Quote Link to comment Share on other sites More sharing options...
Andrew Posted September 27, 2013 Share Posted September 27, 2013 We're ahead of you, go back a page.. The statement from Chaucer is here: http://insurance4motorsport.blogspot.co.uk/2013/09/chaucer-trackday-insurance-statement.html#!/2013/09/chaucer-trackday-insurance-statement.html Quote Link to comment Share on other sites More sharing options...
SootySport Posted September 27, 2013 Share Posted September 27, 2013 I'm late to the party then, never mind. Quote Link to comment Share on other sites More sharing options...
alexander72 Posted September 27, 2013 Share Posted September 27, 2013 Terry, All your sentiments are correct and I agree with them but in the recent chaucer case it wasnt the drivers going against each other for recompense via litigation it was the insurer recovering a loss paid to his insured AFAIK. ALL insurers retain the right of subrogation having paid out a claim. I have been sprinting this year entirely at my own risk this year as we all have and we take that on the chin - agreed. The Chaucer case has shown us the potential for risk and I, and my far more experienced associates, are trying to find an insured position to protect participants interests in the event of significant loss. As Nick Algar has mentioned we have asked the question of an established, well known specialist broker and their insurers to consider it his specific liability can be insured, and if so at what cost. We dont know what the policy options will be yet as we are still awaiting QC opinion and further discussions with the market (insurers). Cheers James Quote Link to comment Share on other sites More sharing options...
M444TTB Posted September 27, 2013 Share Posted September 27, 2013 So who believes Chaucer's motives? I for one don't. Nice attempt to save face though. Quote Link to comment Share on other sites More sharing options...
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