Insurance

[Bede]

As was posted in another, now closed, thread...

http://www.v8supercar.com.au/content...ercar-drivers/

Originally Posted by v8supercar.com.au

Mandatory insurance for all V8 Supercar drivers
Release date: 09/04/2008

Every V8 Supercar Championship Series and Fujitsu V8 Supercar Series driver will be required to have a minimum $500,000 insurance cover in order to compete in either category.

The board of V8 Supercars Australia has made the insurance mandatory as of next week’s third round of the Championship – the Hamilton 400 in Hamilton, New Zealand. The insurance will also include drivers who compete in the two endurance races of the year, the L&H 500 at Phillip Island and the Supercheap Auto Bathurst 1000.

All drivers are required to present their current insurance details to V8 Supercars Australia by this Friday (April 11) or take out the insurance through V8 Supercars Australia or a provider of their choice. V8 Supercars Australia has offered an insurance package in recent years on a non-compulsory basis.

“The board felt the need to ensure drivers have an adequate financial safeguard in the case of any severe accidents,” V8 Supercars Australia Chief Executive Officer Wayne Cattach said.

“This is in no way pointed towards any particular incident, more a measure that the board wanted to adopt and has been discussing for several months. It is common sense that we as a sport play a part in the welfare of our competitors in the same way we deliver the highest of safety standards as directed by the FIA.

“Many of our drivers have individual insurance in place, this is more of a checking process. If they are not adequately insured they will be required to take out insurance that provides a minimum cover of $500,000.

“In the past this type of insurance has been very difficult to obtain but is now readily available and extremely inexpensive. Some drivers may not have recognised how easily obtainable a high level of insurance is.

“Of course drivers can upgrade the cover if they choose.”

Leading driver Steven Richards said all drivers should have a minimum level of cover in a profession that clearly can be dangerous.

“We choose to take part in a profession that can be dangerous from time to time so it is part of our responsibility to ourselves and our families to have the adequate cover in place,” the Ford Performance Racing driver said.

“The last thing I would want is to be survived by a wife and kids who have no means of getting back on their feet should something happen to me on a racetrack.

“I’d encourage any racing car driver to ensure that they are looking after themselves and ensuring that they have the right individual cover.”

The mandatory insurance comes as V8 Supercars Australia look to protect the welfare of drivers and in addition to working with CAMS and the FIA to ensure the sport complies with the highest safety regulations.

Source:V8 Latest News"

“In the past this type of insurance has been very difficult to obtain but is now readily available and extremely inexpensive. Some drivers may not have recognised how easily obtainable a high level of insurance is.”

“is now readily available” to who? V8supercar drivers? What about other competition licence holders? “extremely inexpensive” for who? Professional V8supercar drivers on million dollar contracts with Ford or Holden?

In all seriousness, I would like to know what insurance (income/life) is available to amateur competition drivers/co-drivers in Australia. I don’t mean insurance companies/brokers who say “yeah, yeah, you’re covered” just to get a sale and then if something does actually happen they have some obscure clause that means you aren’t covered.

[pvda]

I posted that in the other thread and upset some by doing it.

As I said in that thread it looks to be the aim to ensure the dependants of a seriously or fatally injured driver are able to be looked after when you consider the level of cover under any of the sanctioning bodies in this country (i.e. CAMS, AASA, ANDRA, MA, NASR, etc...).

If you are a family man (or woman) you have a responsibility to look after your family unfortunately most of us don't and we find out the reality when it's too late.

The V8 series has had a couple of fatal crashes in the past few years so they've obviously been able to see the hardship first hand and are taking steps to prevent or limit it in the future.

It would be nice if VESA put some money in to cover the volunteer marshals that might be injured at their events better but I doubt that would happen.

[Dave Kelly]

Originally Posted by Bede

......In all seriousness, I would like to know what insurance (income/life) is available to amateur competition drivers/co-drivers in Australia. I don’t mean insurance companies/brokers who say “yeah, yeah, you’re covered” just to get a sale and then if something does actually happen they have some obscure clause that means you aren’t covered.

I've referred to this in a posting in the other thread regarding analysis of CAMS and AASA respective insurance policies for personal accident cover. However there is an option with ACE Insurance (CAMS lead underwriter for the Personal Accident Policy) via OAMPS (CAMS Broker) to top up the personal accident death benefit limit payable with regard to deaths in CAMS events in $50K increments from $75K to a maximum of $325K (5 x $50K increments).

The same additional cover also apparently tops up the "income protection" area of cover in increments of $250 per week over and above the standard up to $600 per week (up to the statutory limit of 85% of normal weekly income earned).. (So presumably this can be upped to a max of $1850 per week).

Anyway, the link to the info from the CAMS website is here.

Happy reading.

Cheers

David

(Trying desperately not to be a walking billboard for CAMS!!! As at present I am seriously pissed off with the reaction (or lack thereof) by senior CAMS staff to an issue that was put to them late last week!!!)

[Big Trev]

They won't love you as much now David as you are a part of rallying, and as far as they are concerned rallying has gone to dark side.

[Dave Kelly]

Originally Posted by Dave Kelly

....(Trying desperately not to be a walking billboard for CAMS!!! As at present I am seriously pissed off with the reaction (or lack thereof) by senior CAMS staff to an issue that was put to them late last week!!!)
.

Originally Posted by Big Trev

They won't love you as much now David as you are a part of rallying, and as far as they are concerned rallying has gone to dark side.

I'm not sure where you gather such insightful information Trev?

... and here was me thinking (incorrectly it seems) that it was just crap service in general from CAMS at present.. and all along its a structured personal campaign by CAMS specifically against rallying (and now me?)..

Lucky I live in Brunswick.. plenty of local "talent" that can be called upon if I need a "mate"... now where did I put that phone number for Dom Gatto's Arbitrations & Mediations Pty Limited?

Cheers

David

[Big Trev]

Originally Posted by Dave Kelly

Lucky I live in Brunswick.. plenty of local "talent" that can be called upon if I need a "mate"... now where did I put that phone number for Dom Gatto's Arbitrations & Mediations Pty Limited?

Cheers

David

Now, that is funny Dave, you actually caused my to raise a grin with that comment.