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League of American Bicyclists 2014 Insurance Program Planning Discussion

League of American Bicyclists 2014 Insurance Program Planning Discussion. Marla Peters, Sr. Vice President mpeters@amerspec.com Rene Waterson, Vice President rwaterson@amerspec.com  260-672-8800 American Specialty Insurance & Risk Services December 9, 2013.

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League of American Bicyclists 2014 Insurance Program Planning Discussion

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  1. League of American Bicyclists 2014 Insurance Program Planning Discussion Marla Peters, Sr. Vice President mpeters@amerspec.com Rene Waterson, Vice President rwaterson@amerspec.com  260-672-8800 American Specialty Insurance & Risk Services December 9, 2013

  2. Provide Insurance Program Overview Program Summary and 2013 Results Factors affecting 2014 2014 Plans Receive input from call participants Goals for Call

  3. Program Summary and 2013 Results • General Liability (GL) and Participant Accident (PA) automatically included • 594 organizations purchased coverage • 81% bicycle clubs; 19% advocacy organizations • New Structure Implemented in 2013: • Advocacy Organizations (i.e., those with little or no regular ride activity) • Flat premiums apply (GL only for those with no regular rides) • Special events (i.e., rides with participation fees) can be covered for additional premium • Bicycle Clubs • Premium based on per member rates (subject to minimum premium) plus applicable special event premium • Special Events (i.e., rides with participation fees) • Must be scheduled and per participant rates apply (subject to minimum premium per event)

  4. Program Summary and 2013 Results Cont’d • Optional Coverages# that Purchased • Directors and Officers Liability 140 • Bike Refurbishment 29 • Nonowned/Hired Auto Liability 15 • Excess Liability Limits 11 • Optional Participant Accident 3 • LCI’s receive General Liability coverage for their individual education activities

  5. Historic Rate Summary (based on bicycle club member rates)

  6. Historic Claims Summary • Roughly 7 General Liability claims per insurance year (small number of claims with potential to be very large) • 2 claims (1 paid, 1 pending) of roughly $400k from pedestrians struck during club events in past 7 years • Growing number of Participant Accident claims that are costing more on average over time • 113 claims in 2012 up from 46 in 2008 • Average cost of $1,650 in 2008 up to $2,250 in 2012 • Average loss per club has more than doubled in this timeframe • 2013 losses are anticipated to be greater in number and cost • We have had no paid Directors and Officers or Employment Practices claims

  7. Factors Affecting 2014 • Large General Liability losses as well as continued increasing Participant Accident losses require an increase in rates and minimum premiums again this year, but a much smaller increase than 2013 • Tightening General Liability insurance market conditions for amateur sports associations remain a factor impacting premium increases

  8. 2014 Plans • Continue current program structure and limits/benefits. Proposed rates are as follows:

  9. 2014 Proposed Rates Cont’d

  10. Discussion Items • Program Structure • Thoughts on increasing minimum premiums in the future to off-set rates? • Does the current coverage and pricing structure accommodate the needs of bicycle clubs and advocacy organizations?

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