Gary R.

And that was the last news or word from Chris Maume that I know of. I have DE insurance through WSIB MotorSports that Chris hooked me up with when ProSure went down.

Contact info, NO affiliation..

Jean DeWitt
Director, Wholesale Division

WSIB Motorsports Insurance
jeand@wsibinsurance.com
Ph: 866-904-9742 X2507
Fax: 866-974-2329

BobbyC

I wonder if DE insurance isn't a placebo for sleeping well at night?

We write a check, get a piece of paper that says car is insured while on the track and the insurer's ratings make us feel good. How many have actually filed a substantive value claim and gotten paid without much hassle? How many claims have simply been refused or adjusted down?

To be fair I have no evidence either for or against such outcomes, but I do have some serious reservations and skepticism about the claims paying ability (especially six figure claims) of many of these insurers and brokers. I currently have a DE policy with Snellings-Walters that Chris Maume sold me while he was there and not sure if I'm going to renew it when due in a few months solely because of not knowing whether it's real insurance or a feel-good induced assurance.

Would like to hear from more knowledgeable and experienced folks...thanks.

Gary R.

I filed a $25K claim with American Collectors, got paid within a week, no hassle whatsoever..

Terry L

Wouldn't you be willing to pay a lot to be able to sleep well at night? And think how stupid you would feel if you crashed your car, had no insurance, and all of your friends asked you why? I agree it's a gamble but I think it's a good one.

lawjdc

State Farm didn't get around to adding the no racetrack rider on my policy until December of this year.

smsarchitects

From the RTR PCA website

GAINSCO news release:
"Most recently, Mr. Maume was President of ProSure Motorsports Protection ("ProSure"). ProSure sold the same type of motorsports-related products that Mr. Maume will market through GMI. As with ProSure, the business sold by Mr. Maume and GMI will be insured solely by unaffiliated third-party insurance companies."

"Mr. Maume will operate from his current base in Atlanta, Georgia. He can be reached at (678) 643-8415."

callen2

Call Dan Thompson at Capacity Coverage
www.motorsportcoverage.com

201-661-2441

They write DE coverage

Phokaioglaukos

The Capacity Coverage DE application has the WSIB logo. I just left Dan a vm to call.

smankow

Chris, you'll keep us informed, right?


Steve

Phokaioglaukos

I talked with Dan a bit ago. His product sounds like it's the same one that I bought from Chris Maume two (three?) of his companies ago. It's sourced through WSIB as a wholesaler and underwritten by a Lloyds company (not sure which one). This is a new product for Dan and he was not sure of a few items, but he said that he will send me a copy of the policy so that I can compare it to the one that I have now through the spring.

The application asks you to state the value of the car and you pay a premium of 3% of that. The deductible is the greater of $2,500 or 4% of stated value. This is not, Dan thinks, an agreed value policy (a total loss does not entitle you to the stated value) but instead is an actual cash value policy (you get the lesser of cost of repair or value of the car, just like your street policy). It covers only DE and not racing, etc. I'll let you know what I learn when I see the policy.

himself

Any word on the Gainsco DE policies?

-td

Phokaioglaukos

I just got the agreement from Dan Thompson. It is indeed the WSIB form, verbatim. It's not at all a bad deal.

I also called Southern Insurance Underwriters, the company that bound my Great Lakes Reinsurance policy that I bought through Chris Maume last spring. As most of you know, that program was shut down, but I learned today that it has been reopened effective now. The contact is at Snellings-Walters:

Lori J Creed
Commercial Account Manager
Snellings-Walters Insurance Agency
1117 Perimeter Center West
Suite W101
Atlanta, Georgia 30338
(770) 508-3033 Direct Line

I don't know yet what the Snellings-Walters policy premium structure will be, but with WSIB and Snellings-Walters and maybe Chris Maume at Gainsco in the picture it seems DE will have coverage for 2008!

BTW, the WSIB policy is a very short one adapted (largely but not well) from a British model. The Snellings-Walters policy (at least the one used last year) is a typical US auto policy form that has been limited to on-track DE property coverage. Neither is a work of lawyerly art, but they both probably get the job done.

BobbyC

It's good to know these policies are still available. But how does one vette the claims paying ability/intent of the insurer/broker?

Guys, I'm not trying to be a smart *** but attempting to seek serious assurance to the $150k question...is this policy worth the paper it's printed on?

If anyone has any claims info/experience of these policies I thank you in advance for sharing.

PS: I currently have a policy with SW which expires in May'08 and 'am wondering if it's worth renewing.

Phokaioglaukos

Here is where you look: http://www3.ambest.com/ratings/

You should care about the claims paying ability of the underwriter and the customer service of the broker. I like that there is a NJ-based broker for WSIB, but I do not like that I do know know which syndicate at Lloyds is underwriting my policy. I like the AM Best rating of Great Lakes Reinsurance, the underwriter I have on my current Snellings-Walters brokered policy.

paradisenb

Gary,

Was your policy 'Agreed Value' or 'Stated Value'? Was your claim the result of an on track event?

Newer cars have a 'Book' value that an adjuster will use to determine payout. I my case I have an old car that has value way beyond any book an adjuster will be looking at. I need an 'Agreed Value' policy.