Yesterday, Friday, Kathy and I went to the MAFCA Board meeting to listen to an
insurance broker that insures racing events and most other kinds of insurance
too. This guys name is Bob Leggio (thanks Bill) and he does some
land-speed racing himself.
It seems that K&K is the main insurer of racing events. The key is
that you can get an event policy from K&K for an event for $1500, what
K&K doesn't tell you is that if you request it they will write the policy
for a full year at no extra cost at that time. Brokers know these
things, guys like me don't! Each event has an "event charge"
which for hill climbs is in the $300-$400 range. The $1500 goes into an
"account", so if you have another event they use another $3-$400 out
of the account. If you have enough events to use all of the $1500, the
next event will cost you another $3-$400 (or whatever). Events vary in
cost according to risk, a picnic or parade may not even cost anything, a
hill climb would likely cost $300 +.
The So Cal Region of MAFCA is having an event in Sept., it will include timed
car games and a hill climb. The Region has been talking with
K&K and was quoted the $1500 for the 3 day event, and the quote is good
for 30 days. The Region has now (as of yesterday) turned the policy over
to Leggio and he is going to have it written for a full year, at the same
cost. Although K&K would like to know at the time that the
policy is written what all the events will be, but Leggio says that it won't
be a problem to add other events during the policy period.
Whether F.A.S.T., as a So Cal Region, can tie into this policy for our other
hill climbs or not remains to be seen. There could be questions because
of the varied location of our climbs (away from So Cal), I just do not know at
this time.
MAFCA will be talking with Leggio about having him write all of their
policies, on the buildings, for the Directors, etc. Leggio did say that
J. C. Taylor, who he also writes for, is the most restrictive of all the
underwriters. I for one am going to drop Taylor in spite of my many
years with them.
I asked Leggio if a Chapter, like F.A.S.T., could be the insured, and if we
should become incorporated before doing this. He said that we should
definitely be incorporated. Jack Dewar is looking into incorporation for
us now.
I think that we are now on the right road to proper insurance coverage.
Jim