Inside Track (#116) June/July 2020

For several years, Dave Laber has shared his experience and observations of the motorsports insurance industry with Northwest
track owners and racing organizations during the annual WARPA meetings. Inside Track asked Dave to elaborate on the 2020
season and the extraordinary challenges facing the region’s racing community.
2020: Where Do We Go From Here?
The challenges of 2020 have arguably
never been seen before. COVID-19 has
taken the world by storm and we are
inundated with changing information
seemingly minute by minute. All with a single
elephant in the room, we aren’t racing like we
used to, and in many cases we aren’t racing,
period. It’s unnerving, unsettling, and literally
has many wondering if it will ever be the
same. The honest answer is, nobody knows.
Which begs the question, where do we go
from here?
With all of the uncertainty surrounding us it
seems prudent to get back to basics in this
new COVID era we are living in. First and
foremost; fans, vendors, participants, and
event organizers need to do their best to
protect themselves as well as family and
everyone around them. This may mean
changing how you interact both in your
personal life and how you operate your business. With
respect to operating your business, at minimum, you must
adhere to all state and local regulations. However, you
may wish to go above and beyond such as using personal
protective equipment or implementing temperature
checks, even if these are not required. Please make sure
that you review state and local health requirements and
recommendations by the CDC.
It’s easy to say it, but it couldn’t be more true – if you don’t
feel well, or have possible COVID-19 symptoms … forget it,
don’t go. We all want to get back to “normal racing” but
if we do not act responsibly, and adhere to state and local
guidelines, it will only delay the outcome we all
desperately want, to race!
Manage your risk not only on a human level, but down to
a granular business level. The insurance industry like
many industries has suffered significant losses due to
COVID-19. While pandemic is not a coverage in many
“We all want to
get back to
“normal racing”
but if we do not
act responsibly,
and adhere to
state and local
guidelines, it
will only delay
the outcome we
all desperately
want, to race!”
policies, this situation has brought to light
that policyholders may not be properly
assessing their business exposures, including
their coverages or limits of insurance.
What does this mean for you? If your policies
have been collecting dust on your shelf it’s
time to take a look at them and discuss with
your agent or broker. Make sure you understand
your policies’ coverages, limits of insurance
and terms & conditions. Understand
what they cover, and equally importantly,
know what they do not cover. You may also
wish to review whether you are purchasing
the right limits of liability to adequately protect
your operation and take stock of property
and equipment to ensure you are purchasing
the appropriate limits of insurance. Unfortunately,
finding coverage for pandemic exposures
is very rare and often cost prohibitive.
Be aware of whether there are new requirements from
your insurance carrier due to COVID-19. If so, you will
want to work with your agent or broker and your carrier
to make certain you are taking any required steps to
properly open up your business.
Lastly, take a look at your vendor or subcontractor
agreements. Do you have an updated Certificate of
Insurance from all of your vendors? Has their policy
language changed due to the pandemic? What standards
are they holding their employees or contractors to in
order to reduce the spread of COVID-19? Don’t wait to
find out after it’s too late.
Motorsports, more than most industries, is a relationship
business. Our mutual goal is to provide a safe
environment to enjoy what we all are passionate about,
racing. Now is the time to do your part and evaluate the
details so that when you go back to green flags flying –
we’ve got it covered right, together!
n About Reel Media Insurance Services, LLC: Reel Racing, a division of Reel Media Insurance Services has tremendous tenure, knowledge and the tenacity needed to keep up with our clientele.
Our leadership has a combined 100+ years of expertise and ready to help provide insurance solutions for your teams, facilities, events, associations, sanctioning bodies, along with the strange and
unusual. We provide leading edge risk management and loss control solutions, and are committed to providing fair pricing and a complete insurance review for your business insurance needs.
JUNE/JULY 2020 I N S I D E 4 T R A C K WWW.INSIDETRACKMAGAZINE.COM