Fast cars, eager fans, all of the action one person can enjoy — that’s motorsports! Whether it is a motorcycle drag race, motocross, or something more like Formula One, motorsports can be thrilling. They are also insurance risks, which your clients in the motorsports industry know well.
There are many ways motorsports take shape. All carry some risk. Race events, race teams, car clubs, motorsports facilities, and more are opportunities for you to write more business. Here’s why motorsports insurance matters and why partnering with Prime Insurance Company is the right path for you and your clients.
The Risks and Costs of Motorsports
The risks of motorsports are undeniable. When those risks lead to a lawsuit, the costs can be significant. There are many well-known and high-profile cases of major injury or death in motorsports. In 2019, a Formula Two race left one racer dead and another seriously injured. The G forces involved in racing at these speeds exacerbate any accident, which the driver in this situation experienced firsthand.
Even lower-stakes races and motorsports events can have tragic and expensive results. In South Carolina, another young motocross rider died during his first trip to a motorsports club. He rolled over a jump instead of launching. Moments later, another rider made the jump and landed on the young rider’s back.
In 2019, a Greensboro trial resulted in an award of nearly $15 million to a young man injured at a motocross venue. His motorcycle was wrecked on an exposed metal culvert pipe, resulting in partial amputation of his leg and many other serious injuries.
Falls, accidents, and collisions are all a part of the sport, which means injuries are common, including fractures and sprains, concussions, dislocations, and broken bones. All of these potential injuries and incidents put your clients at risk of liability, and thus a lawsuit.
Finding Insurance for Motorsports
Every motorsports facility should operate with sufficient insurance coverage. In many cases, state legislators require insurance. They recognize the risks of motorsports and the high potential for lawsuits. While safety procedures and release forms go a long way, insurance matters most.
Motorsports insurance might include general liability coverage, event insurance, or accident coverage for participants in races. However, as your clients may already know, many insurance companies are not interested in serving this type of risk. Prime Insurance Company, on the other hand, is pleased to write this class, as a leading excess and surplus lines insurance company.
On top of our experience and expertise in placing challenging risks, we always keep safety at the forefront with our in-house risk management. This team works hard to assess your clients’ exposure to risk, connecting with key players and even conducting site visits. The result is a personalized plan of recommendations to reduce risk and improve safety, even in extreme industries like motorsports.
This is one example of our commitment to working in partnership with all parties. You and your clients can enjoy stable, trustworthy coverage in all 50 states, fast quotes 24/7, and customized coverage. Despite our extensive risk management, there’s always the chance for a claim, and you will appreciate our quick, 24/7 response if such a situation arises.
Our website will give you more information on excess and surplus lines coverage. You can also give us a call at 800-257-5590 or email at firstname.lastname@example.org. We are looking forward to working with you and your clients.
Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.