SpeedAgent1

Typically, we like to have all drivers listed on the policy, but in situations like this it isn't always possible. Yes, we would cover it.

Chris

imager993

Thanks Chris

SpeedAgent1

You guys can also call or email me if you just want to talk racing...I can't get enough of this sport!

Chris

BobbyC

In this public forum you are now soliciting Rennlisters insurance business. The least you could do here, yes in this public forum, is to provide full disclosure and answer a whole lot questions in the vein outlined by BrendanC's post above...

"I think some important questions need to be raised, as I researched this several months ago as I am a Licensed Agent in CA, and I was intrigued.

1) Who is(are) the USA General Agents for the Company Great Lakes, which is a UK company.
2) Who does the underwriting
3) Who would be the point of contact and communication for Claims Service, since, while it may seem obvious, you are only buying the insurance to be transfer your financial risk in the event of a Claim.
4) Is there a "point of responsibilty" here in the US for arbitration and claim resolution issues? Or is your "buck stop" somewhere in the UK, or even further up, since it Great Lakes seems to be owned by a German Company "Munich RE"

NNH

I'm afraid I checked out of the previous Snelling thread when it approached a large enough page count to have its own gravitational field. As a help to people like me, can somebody please give a quick re-run of the facts of the policy
- Premium (3%, if I read correctly)
- Deductible (same 15% as American Collectors?)
- Number of DEs (limited or not?)
TIA

Jerseybean

Chris,
Remember to sign up for rennlist membership and talk to John D. about becoming an advertiser it's worth every penny.

TR6

Premium calculation is correct. But the deductible I was quoted was $1000 for up to $25K value and then $2000 deductible for $25,001 and up. Not sure how high "up" is. Number of DE's per year was unlimited. Same rate whether you did one track day or 365 days. Covers DE's only. No competitive events. No coverage for daily street driving (so you still need an auto policy if it is a street car).

Someone correct me if I got any of that wrong.

Bull

Give the guy a break....if he did what Bobby C. insists on, he would be breaking several US laws. I neither have a policy with Chris, nor necessarily support those laws, but do enjoy facts over emotion.

SpeedAgent1

To answer your questions:

1) Who is(are) the USA General Agents for the Company Great Lakes, which is a UK company.

For this program is only to be myself, but SW seems to want to continue with the program even though they do not have the proper education and experience with the coverage. Nor do they have the experience in DE's and motorsports insurance. If you are asking about all of Great Lakes' agents I could not begin to tell you, but for this program it is only me.

2) Who does the underwriting

The program is not underwritten like typical commercial lines or personal lines insurance. With the set rates and deductibles the only true underwriting done is a motor vehicle report which will determine if someone is not a viable insured. Everyone is considered insurable until the MVR proves otherwise. These standards were designed by me and signed off on by Great Lakes Re.

3) Who would be the point of contact and communication for Claims Service, since, while it may seem obvious, you are only buying the insurance to be transfer your financial risk in the event of a Claim.

I am the point of contact for claims for ProSure's insureds. SW might have someone designated, but I can't say for sure.

4) Is there a "point of responsibilty" here in the US for arbitration and claim resolution issues? Or is your "buck stop" somewhere in the UK, or even further up, since it Great Lakes seems to be owned by a German Company "Munich RE"

Most reinsurance companies are not US based. Claim resolution starts with me and our US based broker.

If you have further questions please call me.

SpeedAgent1

You are correct. Those calculations are spot on with the addition of tax.

Guys, you need to understand that these types of insurance products are not typically going to be found with a standard US based insurer. Even American Collectors program was backed by reinsurance. If their program's losses were to exceed their ability to pay out their reinsurance co. would pay up to it's written limit.

You also need to understand that these programs are also only available because a reinsurer like Munich or Great Lakes has the ability to take the risk. They don't have the typical rate regulations imposed on them and they also have appetites for greater risks. Munich is a very large reinsurer with substantial revenue. That enables them to say "yes, one of our subsidiaries will take this risk".

If you really want to talk about this or if you feel you have been wronged by me please call me. I do not want to fill this board with gripes back and forth. This is a good program that was designed for the average guy that takes his car to the track. There is no smoke and there are no mirrors. I have and will be honest with you 100% of the time.

Chris

BC

I think that while customers will need to do their due diligence, speaking to the situation as it exists right now (With every major admitted personal lines carrier saying "Ah, No.." to any coverage even remotely related to track time), there are not many options in this "market" to use some P&C speak. So then the question becomes, in the market we reside in, the option between NONE and SOME, which one do you choose?

My 928, built from the ground up, every nut, nut bolt, part and piece either replaced, resurfaced, powdercoated, painted, or rebuilt, will be about 30k. So 3% is 900+ whatever the taxes and broker fees are. Is that worth it to me? I'd have to see. But what if I bought a GT3RS to run like it was made to - on the track? My premiums would be MUCH higher, but also would my loss if my risk was not transfered.

James-man

Employers don't want members of their sales force to heads-up clients to such changes. Ethically, it would have been incorrect for Chris (while planning to leave) to prime any CW clients for a competitive move by delaying sales or otherwise.

While I do not know about the exact timing here, there is a reason why people in sales are escorted to the door the same day rather than on 2 weeks notice. Assuming a quick departure, it is CW's responsibility to complete & fulfill all sales made prior to Chris' departure.

Don't know anything about the cast of characters here - just wanted to point this out.

Why don't people co-op funds for track car damage? Complicated, maybe, but less complexities than street car insurance. I would rather receive periodic dividends on my over-reserving of risk funds than put it in the pockets of a big money house somewhere.

BobbyC

FWIW, I spoke with Bobby Lougher at Snellings Walters today and I'm going to keep my policy with them. He was courteous and responsive to client needs.

PogueMoHone

Chris,

You damaged your own reputation, I called you, more than once, but you never had the courtesy to follow up and return the call (s).

You can't blame anyone else for that.

944TURBOS

FWIW I spoke to chris on the phone yesterday and he was very curtious and helpful. Chris this is Mo, I didnt see the application sheet so if you can send that to Mopca993@aol.com I would appreciate it. I want to try to get this thing rolling as soon as possible so I dont get stuck without coverage.