Ghost Ship Posted February 10, 2023 Share Posted February 10, 2023 10 minutes ago, A fool and his money..... said: ... Insurance companies exist for one reason and one reason only, to make a profit... But hasn't that been the reason for the existence of all companies - ever? Insurance companies are no different. 12 minutes ago, A fool and his money..... said: ... It will be a sad day indeed if we ever resign ourselves to allowing those kind of people to dictate what we can and cannot do. But they aren't doing that. What they're doing is saying that if you want to indulge in this activity and you want an indemnity against third party liability*, then it's going to cost you £400,000 or whatever. If your insurer increases your "business" premiums to a level you can't afford I think it says a lot about the level of risk inherent in your "business" and about how commercially (un)sustainable it is. I'm sure insurers who are only interested in a greedy profit (and not in balancing the risk properly) would prefer the certainty of a lower premium coming in each year over getting no premium at all because it's become too expensive. *I have no idea if third party liabilty insurance is a legal requirement for road racing in NI, or what the corresponding arrangement in Manx law is. Quote Link to comment Share on other sites More sharing options...
x-in-man Posted February 10, 2023 Share Posted February 10, 2023 1 hour ago, Non-Believer said: Wonder where they'll "redeploy" our Motorsports Team to if it is the case...? Car Tax collectors. 2 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted February 10, 2023 Share Posted February 10, 2023 5 minutes ago, Ghost Ship said: But hasn't that been the reason for the existence of all companies - ever? Insurance companies are no different. But they aren't doing that. What they're doing is saying that if you want to indulge in this activity and you want an indemnity against third party liability*, then it's going to cost you £400,000 or whatever. If your insurer increases your "business" premiums to a level you can't afford I think it says a lot about the level of risk inherent in your "business" and about how commercially (un)sustainable it is. I'm sure insurers who are only interested in a greedy profit (and not in balancing the risk properly) would prefer the certainty of a lower premium coming in each year over getting no premium at all because it's become too expensive. *I have no idea if third party liabilty insurance is a legal requirement for road racing in NI, or what the corresponding arrangement in Manx law is. I'm not sure if it's a legal requirement but its normal for organisers of any event to have it. At £250k they must reckon there is a realistic chance someone might sue the organisers for something. Quote Link to comment Share on other sites More sharing options...
Banker Posted February 10, 2023 Share Posted February 10, 2023 7 minutes ago, x-in-man said: Car Tax collectors. Plus parking controllers! Quote Link to comment Share on other sites More sharing options...
x-in-man Posted February 10, 2023 Share Posted February 10, 2023 1 minute ago, Banker said: Plus parking controllers! Dog poo painters 1 Quote Link to comment Share on other sites More sharing options...
Ghost Ship Posted February 10, 2023 Share Posted February 10, 2023 5 hours ago, Max Power said: You may be right, and I can see it from your perspective, even from my lifetime of proper involvement in many roles. it would be a sad day indeed for humanity if the choice to participate in such activities is legislated against. Common sense tends to destroy everything about being human, but it doesn’t stop politicians from taking us to war! But nothing's being legislated against, is it? Isn't this just an example of certain activities (like road racing) finally having to bear the true costs (like insurance) of indulging in those activities? What would happen if the organisers had to pay the true costs of all the facilities they currently get at no cost? (eg volunteer marshalls and the course itself?) And it applies to the TT just as well as it does to the NW200 and Ulster GP. I agree with @wrighty that if the TT didn't already exist then it wouldn't get off the ground today as a new event. But I don't think that would necessarily be because of insurance - rather it would be because whatever economic benefits it brings wouldn't outweigh the true costs of putting it on. 1 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted February 10, 2023 Share Posted February 10, 2023 19 minutes ago, Happier diner said: I'm not sure if it's a legal requirement but its normal for organisers of any event to have it. At £250k they must reckon there is a realistic chance someone might sue the organisers for something. That's just it with insurance companies, you can't assume that. It may just be that they feel like making more profit, that they think they can get away with charging that, it's far more likely than it being due to risk. 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted February 10, 2023 Share Posted February 10, 2023 46 minutes ago, Ghost Ship said: But hasn't that been the reason for the existence of all companies - ever? Insurance companies are no different. But they aren't doing that. What they're doing is saying that if you want to indulge in this activity and you want an indemnity against third party liability*, then it's going to cost you £400,000 or whatever. If your insurer increases your "business" premiums to a level you can't afford I think it says a lot about the level of risk inherent in your "business" and about how commercially (un)sustainable it is. I'm sure insurers who are only interested in a greedy profit (and not in balancing the risk properly) would prefer the certainty of a lower premium coming in each year over getting no premium at all because it's become too expensive. *I have no idea if third party liabilty insurance is a legal requirement for road racing in NI, or what the corresponding arrangement in Manx law is. I bet you're fun at parties. 1 Quote Link to comment Share on other sites More sharing options...
Mr Helmut Fromage Posted February 10, 2023 Share Posted February 10, 2023 1 hour ago, A fool and his money..... said: That's just it with insurance companies, you can't assume that. It may just be that they feel like making more profit, that they think they can get away with charging that, it's far more likely than it being due to risk. Lightbulb moment- if they tell all TT riders to not crash into the crowd or other people’s property or ride the wrong way back via Ballig then Insurance premiums stay low - problem solved thank you. 2 2 Quote Link to comment Share on other sites More sharing options...
wrighty Posted February 10, 2023 Share Posted February 10, 2023 13 minutes ago, Mr Helmut Fromage said: Lightbulb moment- if they tell all TT riders to not crash into the crowd or other people’s property or ride the wrong way back via Ballig then Insurance premiums stay low - problem solved thank you. Or fit speed limiters on the bikes with tracker devices like they do for newly qualified drivers, and don’t insure riders who keep falling off… 1 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted February 10, 2023 Share Posted February 10, 2023 2 hours ago, Ghost Ship said: Isn't this just an example of certain activities (like road racing) finally having to bear the true costs (like insurance) of indulging in those activities? What would happen if the organisers had to pay the true costs of all the facilities they currently get at no cost? (eg volunteer marshalls and the course itself?) And it applies to the TT just as well as it does to the NW200 and Ulster GP. The insurance premiums of all branches of motorcycle sport are hugely inflated due to the costs of payouts for claims arising from road racing and motocross (scrambling as it used to be known). Quote Link to comment Share on other sites More sharing options...
Ghost Ship Posted February 10, 2023 Share Posted February 10, 2023 2 hours ago, A fool and his money..... said: That's just it with insurance companies, you can't assume that. It may just be that they feel like making more profit, that they think they can get away with charging that, it's far more likely than it being due to risk. Well it hasn't worked in Northern Ireland, has it? They won't get any premiums so they can't profit from raising them. 2 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted February 10, 2023 Share Posted February 10, 2023 2 hours ago, A fool and his money..... said: That's just it with insurance companies, you can't assume that. It may just be that they feel like making more profit, that they think they can get away with charging that, it's far more likely than it being due to risk. Come on fella. Insurance is a competitive market. Do you not think they shopped around? Quote Link to comment Share on other sites More sharing options...
Max Power Posted February 10, 2023 Share Posted February 10, 2023 25 minutes ago, Happier diner said: Come on fella. Insurance is a competitive market. Do you not think they shopped around? I believe that there are very few, perhaps only one company in that market! 1 Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted February 10, 2023 Share Posted February 10, 2023 54 minutes ago, Happier diner said: Come on fella. Insurance is a competitive market. Do you not think they shopped around? It's not very competitive at all. In mainstream markets there's lots of brands but a tiny number of underwriters, in more niche markets there's just a tiny number of underwriters. The risk hasn't doubled in a year, nor have personal injury payouts. Like with so much of our current inflation, it's less about cost and more about price gouging. 2 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.