DE insurance ... again

[STEVEMCMORN]

Following 2 e-mails and 2 phone calls, Chris Maume from Prosure has not got back to me reagrding annual policy.

Just looked at Snellings Walters Insurance but website says not accepting new clients and Laurel DE is a full 1% more expensive (4% compared to 3% Prosure) + a whopping 15% deductible

Any insight why Prosure not returning my calls + anyone with laurel?

Other alternatives to these 3??

 

 

 

 

[Brian Minkin]

This information was posted on Rennlist on 10/10/07

The broker WSIB is offering DE insurance for a 3% premium (plus fees of around $250?) and a 4% "excess" (with a $2,500 minimum), which I interpret to be British insurance speak for deductible. I just read a sample certificate of insurance from WSIB which is the shortest automotive policy I have ever seen. The terms look very straightforward and pretty good. They clearly attempted to adapt a UK form to the US market, but did not try very hard. The form came in a protected Word document that allowed changes only to the state where the insured is resident. I guess the WSIB staffer gets to fill that in, but not make any other changes.

My questions are that the web site says the underwriter is Chubb Group of Insurance Companies and they are first rate. The certificate says that the underwriter is the Lloyds Syndicates subscribing for the contract. That means that you really do not know who is standing behind the policy now, and I do not know enough of insurance law to know when the syndicate is identified to the insured, the creditworthiness of the syndicate, whether Lloyds provides any backup to the syndicate and the like. My guess is that it is pretty good, though. My other concern is whether WSIB is licensed to offer this insurance in PA, but again that is probably not the risk of the insured. Finally, in the event of a claim the insured is supposed to notify THB Clowes within 48 hours, yet there is no contact information for that company. According to their web site, THB Clowes is related to Thompson Heath & Bond Limited, described on its web site as "One of the largest and most successful Lloyd's brokers operating in the specialty market sector." They are not clearly related to WSIB. Maybe that is a holdover from the UK form and the insured is really supposed to notify WSIB? To add one more link to the chain, WSIB says it is an insurance wholesaler and the policy is actually placed through another agency, FKA Insurance Services, LLC, 950 W. Monroe St., Suite G200, Jackson, MI. I cannot find a phone listing for FKA....

WSIB seems to be the only broker in the US offering insurance that purports to be backed by a real insurance company, even if it is not actually Chubb and is a Lloyds syndicate that is unnamed. If I had to buy something today, I think this is the one. Happily, my Great Lakes policy from Chris Maume when he was at Snelling Waters runs into May 2008. Perhaps Chris or someone else will offer something better by then....
__________________
Chris
2005 GT3 Seal Grey/Black
2005 BMW 330Ci convertible
2000 Aprilia RS250
1994 Ducati 900SS


Last edited by Phokaioglaukos : 10-10-2007 at 10:17 AM.

 

[STEVEMCMORN]

Just received quote from WSIB = 3% + $218 fees with 4% excess ..... interesting thing is this quote is for no more than 10 events - rather than number of days ... so a 1 day event counts same as a 5 day event .... so will be asking Tom Z if he can arrange 5-10 day events next year......

 

Chris - just sent you a PM

[ccm911]

I work for the company that "owns" Lloyd's.  I would consider their involvement a plus.

[magnetic1]

I know these guys are a BMWCCA sponsor.. might wanna check them out as well:

 

http://www.capcoverage.com/motorsports.html


Edit:  Looks to be STP only .. not DE Coverage.

[AMoore]

Any thoughts on ProSure Motorsports Protection?

[George3]

I don't believe ProSure is writing anymore DE policies.  Chris Maume was the director of ProSure and he will be affiliated with another company soon.

[Wellardmac]

FYI - not sure if others know, but this is the first time I've seen a mainstream insurance carrier say that DEs are covered.

http://forums.rennlist.com/rennforums/sh...p?t=394617

[Brian Minkin]

They are not covered by State Farm.  These people are relying on talking to their agent rather then reading their Policy.

This is what my State Farm Policy States:


"The exclusion regarding racing and speed contests has been changed to state that there is no coverage while a vehicle is:

a. off public roads and being prepared for, used in practice for , or operated in any racing, speed, hill-climbing, jumping, or similar contest; or

b. on a track designed primarily for racing or high-speed driving"

[Wellardmac]

Thanks for the clarification Brian - as you said, only the written policy matters.