IML was set up in response to a concerted lobby from national sport and recreation associations, including members of the CCPR, for an alternative to the conventional placement of insurance. This came as a direct result, five or six years ago, of the “hardening” of markets, with significant increases in premium and, in some cases, difficulty obtaining any form of satisfactory cover.
However, on Monday 27 October 2008 the directors of the mutual decided, in the light of an increase in capacity in the insurance market, to suspend the operations of the mutual. The Directors decided not to continue operations at a time when insurance could satisfactorily be obtained in the wider market.
Policy-holders will be unaffected by the change and claims on policies will be dealt with as normal. Governing body policies will remain with holding insurers and Insuresport at existing rates for the term of their current policies. When those policies expire, governing bodies will have their insurances placed on a conventional basis. As ever Perkins Slade, as the leading sports insurance broker, will be happy to continue to provide assistance.
John Ollard, head of finance at CCPR, says the time was right for InsureSport to suspend its operations.
“The fact is that the sports insurance market has recovered from the events of 9/11 and others and is a much more friendly place for sport than it was six or seven years ago – and that’s really good news for CCPR’s members. The gap which existed for civil insurance in the sports sector has been filled again. InsureSport enjoyed retention rates of 90% and higher but the youth of the company meant we decided that, in this market, other insurers are better placed to provide cover and field claims.
