CRMC Group Personal Accident Insurance Policy 

Those of us who love racing motorbikes know that it is a risky sport, but we accept the risks. We are "risk-takers" and the risk is worth it because of the excitement, the adrenalin rush and because it makes life worth living! But we do also need to spare a moment to think about what would happen if it goes wrong.  

Quick Summary 

The current Group Personal Accident policy has been paid for by CRMC funds but cannot continue to be paid from CRMC funds 
We need to raise extra money to pay for the policy (if it is to continue) 
A group policy is a much cheaper way of buying insurance than individual policies 
An extra donation from members is requested - click here to pay £15 
Can I pay more than £15? Yes 
Do I have to pay? No 
Click here to jump to see the slides from the 2018 AGM 
Click here to see some questions asked 

Mandatory Cover provided by the ACU 

When you enter a race, you will always pay for ACU insurance. Part of your premium goes towards public liability insurance and part pays for personal accident cover. The standard policy benefits are modest and what the industry calls "minimal catastrophe cover" - paying a capital lump sum for death (£10,000) or permanent disability (£20,000). Contact the ACU for further details.  
However, this doesn't provide any regular financial support to replace lost income, which might be key to helping pay rent, mortgage payments and so on if you are not able to work after an accident.  

Additional financial help with the CRMC 'Eric Parr' Group Personal Accident Insurance Policy 

This policy, set up in 2014 after a generous bequest from Eric Parr (click here to read more), has provided much-needed additional financial help to CRMC members who suffer a loss of income, or worse, after an accident at a CRMC race event. In addition to lump sum payments in the event of death or serious injury, the policy provides a weekly benefit of £150.  

AGM Slides 

These are the slides presented at the 2018 AGM by Mark George, CRMC Chairman, which explained the initial set up of the policy, what it does, current and future costs and the next steps. 
First slide: 
About the Group PA Policy
Second slide: 
About the Group PA Policy
Third slide: 
About the Group PA Policy
Fourth slide: 
About the Group PA Policy
Fifth (final) slide: 
About the Group PA Policy

Questions? (Click to open/close the answer) 

Yes and no - if your own policy gives you everything you need, that's fine. But if it does you are probably paying several hundred pounds per year, so think about whether you could save money, either by reducing some of the cover of your own policy, or lapse it. Consult your broker for impartial advice about your options. Remember, you can never claim more than you would normally earn (i.e. you cannot "profit" from a loss, so benefits may be scaled back) 
This is an option, but the insurance company then charge a much higher premium per individual when the policy is being "selected" by each person. Its all to do with an underwriters rating criteria, so individual costs might be 5-10 times more expensive than a group rated policy arranged by the CRMC.  
The current premium is just £17.50 per member, covering members at CRMC events. The policy is due for renewal at the end of April, and our brokers will check the insurance market for the most competitive premium at that time.  
Future premiums will depend on future claims and the insurance market; they can go up and down, depending on market conditions at the time. The next annual premium is estimated to be approximately £15,000 
Yes and this has helped in the past and will continue to do so. But there is a limit on what the fund can provide, especially if a member has a long-term need for financial help. So far, the insurance policy has paid claims totalling over £68,000, much more than we have available in the Benevolent Fund 
The Benevolent Fund can help with additional financial needs, maybe staff to keep a business running, or topping up benefits paid by the personal accident policy, or additional costs incurred by a family to visit a member in hospital far from home, etc. There should be more money available for distribution to members in times of need. 
This might be an option in future, but the ACU have to approve our regulations before the start of the season and this has been done for 2019. The advantage though is that there is a very modest extra cost if the majority of members are agreeable. 
Too late for this year as most people have already joined, but this might be an option for the future. 
The policy will lapse, so there will be no more cover after the Castle Combe meeting. We will still have the Benevolent Fund and the ACU cover, but members will then have to rely on their own arrangements. 

Funding Options 

The policy is due for renewal at the end of next month so we need to act now if we want to raise funds to pay for the policy renewal. Depending on how much is raised, the CRMC committee can then decide whether it can afford to pay any shortfall. CRMC funds cannot continue to fund the whole premium, but I hope we can perhaps raise at least half the premium. 
 
It is up to you and we need to hear from as many members as possible. 
 
It is too late now to increase membership or race fees, so instead I would like to invite all CRMC members to make an additional contribution to the CRMC Benevolent Fund. I have created this credit card payment link to make a donation of £15. If just 500 of us made this small contribution, we'd be at least half way there. If you want to pay more, you can re-use the link as many times as you want. 
Click here: 
Donate £15 to the Group PA Policy Fund
I have created this credit card payment link to make a donation of £15. If just 500 of us made this small contribution, we'd be at least half way there.  
If you want to pay more, you can re-use the link as many times as you want. 
 
If we get sufficient support towards the premium cost this year, we can think about funding next year by adding perhaps £1 to a race, or raising the membership fee. If we don't raise enough money to fund the renewal, your money can remain in the Benevolent Fund to help fellow riders in future, or you can contact me to request your donation is refunded to your card. 
Thanks for reading this far and I hope, thanks for your support to help this valuable insurance policy continue for the benefit of all CRMC members. If we lose it now, we may never get such a competitively-priced quote again. 
 
If you have any questions, please click here to email me 
Mark George, CRMC webmaster 
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