TT 2023

[Banker]

7 hours ago, TheTeapot said:

No not really. Self insure an insane event guarantees a payout. Insurance companies basically stake odds on that risk. It is better to insure a high risk event than it is to insure it yourself, despite the premium. 

IOM Government self insures for all risks 

[Happier diner]

4 minutes ago, Banker said:

IOM Government self insures for all risks 

No it doesn't 

[Zarley]

10 hours ago, ADELE said:

But he may come back if things improve 😮‍💨

Think we're safe for the foreseeable then! 

[Mr Helmut Fromage]

1 hour ago, Banker said:

IOM Government self insures for all risks 

Wrong again Bob - they don’t 

[Max Power]

2 hours ago, Banker said:

IOM Government self insures for all risks 

You may recall the wall which was damaged on the Promenade by storms? There was a bit of too-ing and fro-ing with the insurance company which led to Harris Fencing being deployed for an inordinate amount of time.

It will become more expensive over time to insure the racing, self insurance may become the only way to keep the events going?

Edited August 5, 2023 by Max Power

[A fool and his money.....]

10 hours ago, TheTeapot said:

No not really. Self insure an insane event guarantees a payout. Insurance companies basically stake odds on that risk. It is better to insure a high risk event than it is to insure it yourself, despite the premium. 

Right so the event guarantees a payout but insurance companies place odds on the guaranteed payout?

So what you're basically saying is the insurance company will lose money on the event each year and therefore it's better to use them than to self insure.

I know that logic never features highly in rants against the TT but I think you are breaking new ground here.

Either payouts aren't guaranteed as you claim, or payouts are guaranteed but are considerably lower than the insurance premium. Or the insurance company knowingly insures at a loss each year.

Or what actually happens is the insurance company adjusts its premiums to make a profit each year as far as possible.

[A fool and his money.....]

10 minutes ago, Max Power said:

You may recall the wall which was damaged on the Promenade by storms? There was a bit of too-ing and fro-ing with the insurance company which led to Harris Fencing being deployed for an inordinate amount of time.

 

Quite - then after many months of saying the wall hadn't been rebuilt because of the insurance company, DBC then said they might not rebuild it until the new sea wall was being done as stonework is expensive. Which kind of makes you wonder what the point of having insurance is in the first place is, if the cost of fixing something is still a concern.

You get the feeling that insurance is increasingly used as an excuse to do or not do something which I think is a very dangerous path to follow. Insurance is a massively lucrative and notoriously ruthless industry. They don't give a fuck about anything but making huge sums of money - they are certainly no paragons of virtue and to live our lives based on what maximises their profits would be a dull existence indeed.

[Roger Mexico]

13 hours ago, A fool and his money..... said:

Surely that's all the more reason to self insure. You don't think the insurance companies do it for cost do you?

But if the Manx Government started being directly responsible, there might be pressure to increase the very modest payouts the current policy provides[1] and every claim from an injured rider or bereaved relative would become 'political'. 

Given the way the current government is obsessed with avoiding responsibility in the things where you would normally expect a government to have it, it's not very likely to take it on where it normally wouldn't.

 

[1]  See the FoI request ref: 3004553 which has details in the various attached documents.

[Barlow]

5 hours ago, Happier diner said:

No it doesn't 

Any claims for vehicle damages etc is dealt with by the department directly.

Ultimately, I suppose there may well be a blanket insurer covering the whole IoMG for extra big claims?

[Nellie]

47 minutes ago, Barlow said:

Any claims for vehicle damages etc is dealt with by the department directly.

Ultimately, I suppose there may well be a blanket insurer covering the whole IoMG for extra big claims?

A couple of years ago I made a claim to the DoI for pot hole damage to an alloy wheel. I was immediately referred to their insurer which was  Zurich in Leeds, and they handled the matter, and paid out within a couple of weeks.  

[A fool and his money.....]

3 hours ago, Roger Mexico said:

But if the Manx Government started being directly responsible, there might be pressure to increase the very modest payouts the current policy provides[1] and every claim from an injured rider or bereaved relative would become 'political'. 

Given the way the current government is obsessed with avoiding responsibility in the things where you would normally expect a government to have it, it's not very likely to take it on where it normally wouldn't.

 

[1]  See the FoI request ref: 3004553 which has details in the various attached documents.

That's a fair point. I don't see increasing payouts as a bad thing tbh, although for a racing accident there needs to be a balance - I would have thought most riders will have considered their family if the worst happens anyway.

I'm not sure about the political argument either. Government are good at keeping things at arms length when it suits them.

In fact I'm not sure that the argument to keep paying an insurance company millions because they can be more ruthless in the event of a claim has much merit at all TBH. What's saved in premiums could be paid out to those who need it, the insurance company could make their telephone numbers off somewhere else.

 

[A fool and his money.....]

16 hours ago, ADELE said:

But he may come back if things improve 😮‍💨

God help us! If this place changes in a way that he considers an improvement it really will be time to leave!

[Happier diner]

1 hour ago, Barlow said:

Any claims for vehicle damages etc is dealt with by the department directly.

Ultimately, I suppose there may well be a blanket insurer covering the whole IoMG for extra big claims?

Vehicle damage is one thing. Third party damage is another. 

[Banker]

6 hours ago, Mr Helmut Fromage said:

Wrong again Bob - they don’t 

Wrong again Bill they self insure most risks themselves 

[Barlow]

1 hour ago, Nellie said:

A couple of years ago I made a claim to the DoI for pot hole damage to an alloy wheel. I was immediately referred to their insurer which was  Zurich in Leeds, and they handled the matter, and paid out within a couple of weeks.  

That's interesting. I'll stand corrected. A neighbour had damage to their car from a MU vehicle and they said that such matters are dealt with by the government directly and any claim should be directed at MU. I don't think they ever got round to it even though we reminded him. He just couldn't face the hassle, even though it would have been a simple letter. I think the best advice would have been to contact his insurers and let them deal with, whatever way.