WSIB DE Insurance
02-11-2009, 09:45 PM
#31
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The only state we are currently unable to write coverage for is Ohio. We are only handling transactions on-line and Ohio requires a notarized affidavit when purchasing this type of policy. For the premium size and OH Dept of Insurance requirements, it's just not practical for us at this time. Mid-Ohio is one of my favorite tracks, so we're working hard to resolve this issue soon. I truly believe we're only months away.
Regarding your 2nd concern, this is an issue that I worked very hard to resolve. Our policy, as nearly every policy does, includes a "subrogation clause/other insurance." Essentially this states that the insurer has the right to try and collect funds from another party or insurance carrier that has an interest in the claim/loss. Our underwriter was not willing to completely waive this right, but I do have it in writing that they WILL NOT attempt subrogation from one of our policyholder's standard/street policy. It is our intent to provide primary coverage while an enthusiast is at an approved DE. I'm willing to put this in writing for anyone that requests it. We have paid 6 claims and none of the claimant's standard/street insurance companies have even been contacted about the claim.
In no uncertain terms, our policy does state that it is primary/first-dollar coverage.
If you do wish to contact me about this, my e-mail is rstaub(at)locktonaffinity(dot)com
Regarding your 2nd concern, this is an issue that I worked very hard to resolve. Our policy, as nearly every policy does, includes a "subrogation clause/other insurance." Essentially this states that the insurer has the right to try and collect funds from another party or insurance carrier that has an interest in the claim/loss. Our underwriter was not willing to completely waive this right, but I do have it in writing that they WILL NOT attempt subrogation from one of our policyholder's standard/street policy. It is our intent to provide primary coverage while an enthusiast is at an approved DE. I'm willing to put this in writing for anyone that requests it. We have paid 6 claims and none of the claimant's standard/street insurance companies have even been contacted about the claim.
In no uncertain terms, our policy does state that it is primary/first-dollar coverage.
If you do wish to contact me about this, my e-mail is rstaub(at)locktonaffinity(dot)com
02-12-2009, 05:09 PM
#32
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The process of getting an exception from the Ohio Department of Insurance has been a long one. We've made some progress but I can't say at this point whether or not we'll be able to resolve this soon. I expected that we would have hassles with NY and CA, but those went very smooth - I didn't expect that OH would be this difficult. Things would be so much easier if insurance was regulated at the federal level.
We're working on a solution that I hope to implement sometime in the next 6 months. This will allow us to write coverage for events in all of the US and in Canada. The only place we'll still have an issue is writing coverage for Canadians unless they have US residency.
03-02-2009, 03:07 PM
#33
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I was insured with the Great Lakes Re program through Liability Underwriters in GA. Good program, fair prices.
Perhaps too fair, as I just got my nonrenewal notice. Not sure if the entire program is cancelled or its more local or personal. I assume it was not my lack of claims.
I am going to look into the WSIB program QwickRick asked about.
Perhaps too fair, as I just got my nonrenewal notice. Not sure if the entire program is cancelled or its more local or personal. I assume it was not my lack of claims.
I am going to look into the WSIB program QwickRick asked about.
03-11-2009, 03:33 PM
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Just reviewed my quote from WSIB and it looks like a good replacement for my previous DE on track physical damage coverage. Actually cheaper than the previous policy as well.
One of the (already noted) quirks of the WSIB policy is that it covers per event, rather than per track day. So, if I do 15 days but (as is typical) they are all multiday events, I can buy the 1-10 events coverage.
They are pretty fussy about which clubs you run with (they have a list) and want to know when you apply which specific events you will be attending. Since I am not sure yet (other than HOD late April and Cups mid-May), I will have to report these to them.
Each of us needs to do our own due diligence on evaluating DE insurance, but I think it is a reasonable source worth considering.
YMMV as they say.
One of the (already noted) quirks of the WSIB policy is that it covers per event, rather than per track day. So, if I do 15 days but (as is typical) they are all multiday events, I can buy the 1-10 events coverage.
They are pretty fussy about which clubs you run with (they have a list) and want to know when you apply which specific events you will be attending. Since I am not sure yet (other than HOD late April and Cups mid-May), I will have to report these to them.
Each of us needs to do our own due diligence on evaluating DE insurance, but I think it is a reasonable source worth considering.
YMMV as they say.
