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Thread: Speedventures COTA event, new $350 insurance

  1. #21
    dirty smack talker hakeem's Avatar
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    Quote Originally Posted by flink View Post
    BMWCCA race in March is $749. Three day event.
    The $3k to not be around a bunch of BMW snobs might be a better deal. Present company excluded of course Andrew!

  2. #22
    Sir flink
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    We're not snobs, we're douchebags. You're thinking of the porsche guys.

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    BMW Master bawareca's Avatar
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    Quote Originally Posted by hakeem View Post
    The $3k to not be around a bunch of BMW snobs might be a better deal.
    This is very caracist
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    Master of Disaster SteveLevin's Avatar
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    Quote Originally Posted by bawareca View Post
    This is very caracist
    It's not a stereotype when it's true...



    Steve
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    I was surprised to find the Porsche guys more welcoming and less pretentious when autocrossing my Mini in San Diego than the Bmw guys were.

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    Old timer craZee's Avatar
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    Talk about a thread getting derailed!

    Can we get back to flogging Aaron (one of our site sponsers) or should I start a new thread to get that rolling again? LOL

    craZee

  7. #27
    Master of Disaster SteveLevin's Avatar
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    Quote Originally Posted by craZee View Post
    Talk about a thread getting derailed!

    Can we get back to flogging Aaron (one of our site sponsers) or should I start a new thread to get that rolling again? LOL

    craZee
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  8. #28
    Not Certified Slow SDSUsnowboards's Avatar
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    Quote Originally Posted by craZee View Post
    Talk about a thread getting derailed!

    Can we get back to flogging Aaron (one of our site sponsers) or should I start a new thread to get that rolling again? LOL

    craZee
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  9. #29
    BMW Master bawareca's Avatar
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    Quote Originally Posted by SteveLevin View Post
    It's not a stereotype when it's true...



    Steve
    Merry Christmas to you too
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  10. #30
    http://www.trackhq.com/Banners/yellowsitesponsor.gif emilio700's Avatar
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    My initial thought would be to see if there is either an individual or group property damage policy available for a lower premium.
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    Senior Member fatbillybob's Avatar
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    Quote Originally Posted by emilio700 View Post
    My initial thought would be to see if there is either an individual or group property damage policy available for a lower premium.
    No! That's the responsibility of the event organizer. This is why you race or track with an organization with the proper insurance for not only liability but physical damage. This is a summary anyone can read online for the SCCA. This is just one reason to race with them. You also have each driver as an associational insured which means that the SCCA policy covers your on track liability in case you injury someone else. If such a policy was in force at the porsche carrara gt fatality at ACS some 10 years back, the Ferrari driver would not have been held liable for $90,000 of vicarious liability. We know what "wavers" say and they mean nothing once lawyers get involved. I'm no lawyer but this is how I understand it .

    We racers/HPDE'ers have to be concerned about not only on track liability (for which you can buy no protection not even personal excess liability umbrellas) but also quality of emergency crews.



    01/01/14
    SCCA/SCCA Pro Event Insurance Plan 2014
    Summary of SCCA Commercial
    General Liability Insurance
    Written by National Casualty Insurance Company
    through Willis North America
    General Description:
    This insurance is intended to protect SCCA/SCCA
    Pro, and their regions and members, and track
    owners, landowners and sponsors of the event, drivers and th
    eir crews, and owners and sponsors
    of vehicles entered in an event from Bodily
    Injury, Property Damage, Personal Injury, or
    Advertising Injury claims arising out of a cove
    red incident at a SCCA or SCCA Pro event.
    Type of Coverages:
    The limits of the coverages are:
    Coverage:
    Lim
    i
    ts
    Bodily Injury (Spectator Liability) $10,000,000 per occurrence
    Legal Liability to Participants $10,000,000 per occurrence
    Products Liability
    $10,
    0
    00,000 aggregate
    Contractual Liability
    $10,
    0
    00,000 per occurrence
    Personal and Advertising Injury
    Liability $10,000,000 per occurrence
    Host Liquor Liability
    $10,
    0
    00,000 per occurrence
    Medical Professional Liability
    $10,000,000
    p
    er occurrence
    Officers and Stewards Errors
    and Omissions Coverage $250,000 per occurrence
    Damage to Rented Premises $10,000,000 per occurrence
    Restricted Area Personal Property Damage
    $250,000 per occurrence*
    (includes Official Vehicles)
    *$1,000 deductible applies


    Please note that the Deductible is “Zero” as it pertai
    ns to physical damage to the track, defined
    above as “Damage to Rented Premises”.
    The Per Occurrence Limit is $10,000,000


    http://scca.cdn.racersites.com/prod/...ary%20SCCA.pdf

  12. #32
    http://www.trackhq.com/Banners/yellowsitesponsor.gif emilio700's Avatar
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    Two different discussions going on here

    - Is there a way for those us us going to COTA with SV to save a few bucks?

    - Should event promoters place the burden of property damage liability solely on the drivers?

    I'm only interested in discussing the former in this thread. But the latter is also an important topic that could be aired in a new thread.
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  13. #33
    Track Whore Pure EvoIX's Avatar
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    so let me get this straight. Every driver forks up extra $350 mandatory for insurance/damage deposit. Let's say 100 people. so $350x100 = $35,000. Someone crashes and hits a tire barrier/high tech safety barrier. Damage is $10,000. Person who crashes pay as high as $3000 deductible and as low as $1500 deductible. Also of the $35,000, $7000 of it will be used to cover the remaining balance $10,000-$3000 = $7000. Remaining $28,000 gets refunded to the other 99 people at end of event if no other damage occurs. So everyone gets a refund of ($28,000/99= $282). So actual loss/fee for everyone else who didn't crash is $350-282 = $68. Person who did the crashing pays $3350 total, but does not get his share of insurance deposit back. Am i right? Doesn't sound tooooo out of the world.

    So actual cost for drivers on damage deposit/insurance depends on if there is a crash and how big of a crash. That will determine how much everyone will technically have to pay. So its a variable rate depending on extent of damage. If someone some how damages $38,000 of property, everyone is out $350 except the crasher who is out $3350. If no one crashes into the wall, everyone gets back their money. If there is a minor crash sub $3000 or sub $1500 damage, the person who crashes foots the entire bill. So basically, from $1500+ or $3000+, everyone gets to share the cost of the damage of anything over that amount divided by the number or drivers. Therefore, if you are gonna crash, please hit something less than $1500 or $3000. Much appreciated.
    Last edited by Pure EvoIX; 12-26-2014 at 06:03 PM.
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  14. #34
    Senior Member Silversprint's Avatar
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    I don't think there is enough money in the damage pool.

    What if 5 people hit walls and cause a total damage of $75K? If each driver pays $3k, the money in the pool won't cover the damage.

    What happens if the money in the pool is exhausted? How much does each driver pay?
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    Quote Originally Posted by Silversprint View Post
    I don't think there is enough money in the damage pool.

    What if 5 people hit walls and cause a total damage of $75K? If each driver pays $3k, the money in the pool won't cover the damage.

    What happens if the money in the pool is exhausted? How much does each driver pay?
    Or car A and car B collide. Only car B damages wall. Both argue who is at fault. Lawyers are called in. That's why event organizers should carry the master liability policy. Those underwriters are experts in all the what if scenarios and the actuarial data and have the depth to insure. Self-insurance which is what is suggested here with the pool of drivers is a recipe for disaster with questionable benefit for drivers. This is bad business.
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    Master of Disaster SteveLevin's Avatar
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    Totally agree...this kind of "self insurance" -- especially when you have no control at all over what the bill is going to be (if they say it costs $3,800 to paint 30 feet of wall, that's what it's going to cost you) -- is about 47 steps down a particularly well paved road to a highly unpleasant destination.

    Steve

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