The Australian National Drag Racing Association (ANDRA) is pleased to announce it has secured insurance terms for the new policy year.
With all insurances due for ANDRA on September 30, it has been a busy time with negotiations through ANDRA’s broker Gallagher with underwriters for the sport’s Public Liability and Personal Accident Insurance schemes.
“With the current extremely difficult motorsport insurance market in Australia, our long relationship of more than two decades with our Public Liability Underwriters was the key to securing a quality product catering for Drag Racing in Australia to a limit of $100 million’, said ANDRA CEO Tim McAvaney.
“Our Underwriters have been amazing and their faith in ANDRA’s management systems to manage this significant risk is acknowledged and sincerely appreciated. With some unfortunate recent accidents in Australian Drag Racing generally, there is not a lineup of Underwriters willing to back drag racing or any motorsport. The other quotes received were significantly more expensive and problematic.’
“We have also seen some other Underwriters withdraw from the market altogether, and there have been some issues finding cover for motorcycles, which is worrying. However, I am pleased to report motorcycles will continue to race as usual under ANDRA sanction.”
While the public liability insurance has been renewed, there will be an unavoidable premium increase for tracks.
“We are committed to working with our member tracks to manage that increase to ensure a smooth and manageable transition,” McAvaney said.
“Motorsport Australia, Speedway Australia and Karting Australia have also seen increases, further demonstrating the tough insurance market.
“The good news is that ANDRA also has the capacity for new tracks to join the industry scheme should any other tracks require a solution.”
Meanwhile, the personal accident insurance scheme has also been renewed with a significant improvement with the structure of the scheme.
The historic two categories of personal accident cover have now been eliminated and the top level of cover will be afforded to members and licence holders at no extra cost. This means than the former personal accident Capital Benefits of $30,000 and $75,000 are now $75,000 for all.
This will also simplify the processes for tracks during events, without having to identify who has what level of cover.
In addition, the official’s personal accident fee of $100 per event charged to tracks will now be covered by ANDRA in an effort to minimise the effect of the public liability increase.
“I would like to acknowledge the hard work that our lead broker Martyn Luck at Gallagher has put in. This was a difficult renewal, but Gallagher are the leaders in the motorsport market and have delivered a great result considering the difficulties the sport faces,” McAvaney said.
For further information regarding the insurance renewal, please email firstname.lastname@example.org
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