TD in DC

This discussion is not boring.

When I tracked my 996, I used Laurel. Never had to make a claim, but I was happy.

I am "thinking" about buying a Cayman S as a dual purpose daily driver/DE car. If I cannot get track insurance for it, I will not even buy it in the first place.

CosmosM3.2

This is exactly why I have asked those concerned people to please call the insurance fraud department in Georgia, the state the investigation was started in. Your post is incorrect and if you had researched both Laurel Consulting and/or Pacific Insurance Corp. you would be better informed. Neither co. is a licensed business entity in the United States and furthermore, not licensed to sell insurance in the US. Your statement of them not needing to be licensed is false, they do as an E&S broker or place of insurance need to be licensed. Even more; as an agent of insurance you are required to be licensed in the state where you are selling or be granted acess by a licensed E&S company to sell in those states where you are not licensed. For an example, in doing my due-dilligence I found that one of the addresses used as the location of Pacific Ins. Corp. was actually home address of Peter Sereda, one of the sellers of this program.

If you have any questions, please call Sherry Mowell.

RickBetterley

I am not all interested in getting in a p*ssing contest with you, but thanks for the invitation. There is more to insurance than what you were taught in agents school.
By the way, why is it a problem if Peter's office is located at the same address as his home?

Brian Morris

Here's a link to an email from Debra Buckler of the Racer's Group recommending Peter Sereda and Laurel for on track insurance, it's a Google cache so it will disappear eventually:

http://72.14.207.104/search?q=cache:...&ct=clnk&cd=11

I've found nothing but positive comments about them - especially them paying claims easily and quickly. I've found references to them going back to 2001 and in multiple professional race series.

Whether they're an "official" insurance company or regulated isn't really relevant to me - I only care if they're going to pay.

--Brian Morris
89 951

TD in DC

Ditto.

RSRRacer

Ditto.

I know of several people who have submitted claims to Peter and they were paid promptly and without question.

This does NOT mean that is it not illegal, just that the "insurance" functioned as advertised. It sounds like someone was not pleased with the coverage and has filed a complaint.

CosmosM3.2

...as I said previously, a surplus lines insurance company, also referred to as excess and surplus (E&S) is required by LAW to be licensed in the country where they do business. You don't have to go to any school to know that. Your description of a surplus lines carrier is incorrect. Not being licensed is not an option. Other types of insurers and programs have different laws, sure, but that isn't what we are talking about.

CosmosM3.2

Regarding the question about the address I mentioned...it wasn't his office address, it was the address to Pacific Insurance Corp.....or was it Inc....I can't remember as it was different on a couple of diffent policies. By the way, there is no Pacific Ins. Corp. or Inc. There is a Pacific Life, but we're all smart enough to know that the two are not the same. I'm not here to ruin anyone's day, nor am I here to get into a verbal grudge match, but this is a topic that is important to me and I feel it's my obligation to let people know. You choose to do what you would like with this info. If you would like to discuss this offline I would be glad to do that.

Horizontally Opposed Man

Just to throw my 2 cents in here on the issue with Laurel DE.I believe that this program was started and the request of Tom Bobbit who you should be aware is currently President of PCA.It is my understanding that Tom is a customer of Laurel .That gives me a good deal of comfort.Secondly their premiums are significantly higher than ACI's were.So maybe it is more financially sound.This program is an adjunct to their Racing Insurance program which has been in operation for 10 years.If they had really screwed anyone in that program you know you would have heard about it. According to my understanding they main risk is that if they went into receivership your policy would simply cease to exist. This is because in order to be "admitted" in a State you have to pay into the State Insurance Fund which is there to provide a sort of continuation of the insurance.None of this implies anything fraudulent or illegal. And at this point they are the only game in town!

A930Rocket

CosmosM3.2,

What is your interest in this? You have six posts and probably all on this topic. Are you an Ins agent or are/were you insured by them with a bad experience?

CosmosM3.2

Admitted carriers are required to buy into the state's insolvency fund, but E&S carriers are not, BUT they are required to be licensed. As much as I wish this weren't true for you and for the people I've worked with that have been in the same situation, it just isn't.

Yes, I am in insurance. Do I care where anyone buys their insurance, no. Do I care if someone is charging money for something that does not exist, yes. One thing you will notice in all of my postings is that I have not once advertised anything. I'm just making people aware of what I know since it is not common knowledge.

Regarding the information about pro teams- This insurance is being purchased by those that are not familiar with the current situation. Teams that have been informed are no longer purchasing and are now part of the investigation. I can provide several references that will coroborate this information. And as far as paying out claims; of course they pay out, that's how they have been able to be in business for this long. If word got out that it wasn't legit it wouldn't survive.

That's all I really have to say about this. I've made you aware, my job is done.

Bull

What information about "pro-teams". What is your personal, specific axe to grind here? Don't come here with the "Masked Crusader" pitch and expect us to blindly buy it please. "My work is done here" smells like "you guys are asking too many specific questions", and you have given us nothing other than your "wisdom" and scare tactics. Oh BTW, I am neither a policy holder nor a candidate to be one....I just smell a bad smell here.

Try harder next time.

Brian Morris

Hmmm, another vague response - what a surprise.

It seems like your main point of coming here was to get people to call a specific investigator in GA. Who you then later say is initiating investigations in other states after being contacted by customers. You give no details but urge people to call this number to get answers to questions.

You didn't inform anyone anything substantially new. The fact that they are unlicensed is on their website, and they will tell you this on the phone right up front. They don't seem to have anything to hide. As others have said, and you admit - of course they pay their claims, and have been doing so for 10 years. Of course people would be interested in hearing if they don't pay claims or customers have some problems with them, but that's not what we're hearing.

--Brian Morris
89 951

kurt M

Writing paper, paying out claims for 10 years and the only game in town = official insurance co. for track rats. Lloyd's of London is a real co. How did they start out? In a bar perhaps.

Thank you for ithe insider information but full exposure please. Selling can also be knocking the competition too. "I don't need to be fast just faster than the rest of you" how do you come to this info? Who is generation this info and investigation?

930man

im in with laurel horizontally opposed is correct on all points. Tom Bobbit did encourge the program i spoke with Laurel today sounds like a good solid program. they paid for a Viper that wrecked at the track last week when were there. its all a gamble folks... even normal insurance is a gamble for what you pay for,,, if you have a wreck it is typically an argument to get it all sorted.