Insurance Denied

[gluciani]

My claim for repair of my 996 for the accident at Summitt recently was denied by Chubb Insurance Company, one of the best carriers in the nation. In spite of what my agent told me, that "track usage was OK if the event was DE and not timed", Chubb claims they added an amendment last October that states otherwise. Everyone who believes their regular auto policy covers DE should re-check the policy especially any amendments added since last October. I'm out $7500 on the misunderstanding and misinformation from my agent.

With track insurance also drying up for 2007, this can become a serious issue for DE going forward. Anyone have information on available coverage?

[Brian Minkin]

This is the only game left in town as far as DE coverage is concerned.  http://www.laurelde.com/index.html

They are not a licensed insurance company but do have a long history of paying claims.  Read their legal disclamer to learn more about the risk of insuring with them.

I also understand that they are much more expensive then American Collectors was,

[fred gorstein]

Spoke with Laurel Insurance yesterday and was informed that they cover cars in many different types of events, including club racing and some stock car events.  Their rates are a bit pricey, but the deductable is low ($5,000).  They cover a given number of track DAYS over a 12 month period.  They seem to be the only insurer available right now.  Check out their disclaimer before you sign up

Fred Gorstein

[smankow]

Fred, what is their percentage of value that is used for the premium?  American Collectors was 1.5%

 

Steve

[APXD 30]

There is much debate and many derogatory posts on RENNLIST about Laurel's disclaimer.    What I'm most interested in hearing is DO THEY PAY CLAIMS?    

I only saw 1 post from a Laurel customer who had been satisfied for many years......without having submitted a claim.

I'd like a first hand account from someone who has submitted a claim.    As March draws closer, I'll probably give them a call.    

[Tony356993]

Josh,

You are on target. Have they ever paid a claim? Non-US based = scary.

[Brian Minkin]

Rennlist post from December regarding Laurel DE Insurance.

I got a settlement from them of a little over 60K less 10K deductable a few years ago. We were able to salvage engine most of transaxel and some left side suspention. Had some debate RE they wanted to ship the whole mess to a Florida shop with good labor rates and save my tub. With good photo and a visit / hart to hart with the adjuster we got the tub written off and a price we could live with. Lots of excel spreadsheet work with my builder Eurotech in Framingham.
These are the photos that convinced them the tub was junk and I would be well prepared, from then on we got along fine and I still use them

[fred gorstein]

Steve:

I do not have the percent figure, but will check with them on Monday and get back to you (and the forum).  I discussed the potential problem of dealing with an insurer based outside of the USA with an attorney who regularly deals with off shore companies.  He felt it "should not be a problem"   We have about three months left in our current coverage and we should be able to come up with a via alternative in the interim. 

 

Fred

Fred Gorstein

[Tony356993]

keep us posted Fred.

[ccm911]

Tony356993 wrote:

Non-US based = scary.

Hardly a cause for concern. I work for a Bermuda based insurer and we are one of the largest going. In fact, Bermuda has become somewhat of an Insurance haven, with over five large insurers based there. In this age of globalization, geographical concerns are far outweighted by the companies past record of paying claims in a fair and reasonably expedient time period. And I would be checking the financials of any firm in order to ensure that the "pool" is large enough to cover the expected volume of claims resulting fom the activity insured.