DE Insurance is available!

[Phokaioglaukos]

Blessing? That's a high standard! Let me be a bit more specific about what I found in the fine print.

The insurance is sold by Snellings-Walters Insurance Agency and bound by Southern Insurance Underwriters, Inc. on Great Lakes Reinsurance (UK) PLC. Unlike the Australian insurance company said to underly the Laurel DE coverage, Great Lakes has an AM Best rating. EVERY insurance company has an AM Best rating, so something seemed not right about Laurel DE. Great Lakes is rated A+ (Superior) [one rating from the top] and has more than $2 billion in adjusted policy holder surplus [highest rating]. Very solid ability to meet policyholder claims.

The coverage offered is for physical damage only, either comprehensive or collision. No coverage is offered for liability. The PCA waivers we sign are well-crafted and should provide that for those involved in any incident there would not be good claims for negligence or other bases of liability. Note that if there is enough money at stake, someone is likely to challenge the waivers, as has been done. I have not made any study of the issue (maybe RTR will "hire" us for some pro bono work), but I generally exepct the waivers to work, if they are signed. That is why it is so important for each participant and observer to sign the waivers, including the parents of minors! None of us want to be at risk of a non-signer bringing a claim. I think the new on-line registration system bakes the waiver into the sign-up process. In any event, you do not get any liability protection under this policy.

Coverage for physical damage does apply to losses while participating in a "Sanctioned" off-road Driving Instructional Class/Outing." Sanctioned means a driving club event utilizing corner obervers. Theft is covered.

There is no coverage for damage to tires, rims and axles, unless casused by another loss that is covered. For example, if you spin, hit the wall and bend a wheel, the wheel is covered. If you drive over the asphalt/cement seam on the track and bend a wheel, the wheel is not covered.

There is no coverage for an event on a full oval track.

The most that will be paid for any loss is the lesser of (i) the actual cash value of the damaged or stolen property at the time of the loss or (ii) the cost of repair or replacement. There is no allowance for diminution of value. Note that this is not "agreed value" coverage that pays for a total loss the amount of coverage obtained. It's the same type of coverage you get on a street policy.

Coverage applies in the United States and Canada.

 

Hope this helps. This is summary only of those provisions that seemed to me to be most important. Please read the entire policy before sending a check!