This is a partner post in conjunction with RaceInsure, a new insurance option by race director and insurance professional Scott Sutter.
How often do you think race directors read the fine print of their race insurance policy? With the juggling act that planning – and putting on – a race is, the percentage is probably low. And why would they? Most would assume that the coverage they get offers the protection they need and also allows them to get the required permits issued to host their race.
That’s what Scott Sutter – owner of RaceInsure – thought, until one day he read the fine print of a policy he was looking to buy for an upcoming event. An insurance professional himself, Scott is well-versed in policies and wanted to see the particulars. He was surprised by what he found.
“I looked at a policy that I was buying and realized that there wasn’t any coverage for participants.” He started looking around and quickly found that this was the norm. There was a clear problem, and with Scott’s expertise as both a race director and insurance agent, he was uniquely qualified to take on.
Over the past two years Scott built a team and worked with one the world’s largest insurance companies – Tokio Marine – to develop insurance products that actually protect races and participants.
Below is a short interview with Scott where he shares more about RaceInsure and how it’s making things better for race directors and participants alike.
What inspired you to start RaceInsure?
“Back in 2017, our agency designed TimerInsure, an insurance policy specifically for race timers. Over time, our timers began asking if we could insure their client races. That thrilled us! As we surveyed the marketplace for a “Goldilocks” solution, we simply could not find one. So, we created one.”
How is RaceInsure a “Goldilocks” solution?
First and foremost, Participant Liability coverage is built in. Participant liability is what protects the race owner if a runner is hurt and sues. Shockingly, most of the event insurance that is available online specifically excludes participant liability! We also wanted RaceInsure to be quick and easy to use, allowing race directors to self-create certificates of insurance 24/7.
If most race insurance policies don’t cover participants, what do they cover?
“Realistically, not a whole lot. The primary thing those policies do is let a race director get a certificate of insurance so they can get a permit for their race.”
With those policies what happens if someone gets hurt at an event?
“The race – and possibly the race director – could be financially responsible. Basically the race owner could end up paying for defense costs, medical bills, etc, all out of their own pocket. It’s a huge potential liability for races.”
What if a company already has general liability insurance?
“Most of the time general liability policies exclude athletic events, so they wouldn’t be covered. Even if their policy could insure the race, that claim could negatively affect the rates they pay for their company. When we insure the race separately, we help protect our company’s rates and broader insurability.”
How does getting a policy through RaceInsure work?
“With RaceInsure the process is really simple. All you do is go to our site, click ‘get a quote,’ answer a few questions, then you’re set. If you qualify, you get the option to buy the policy right from the site.”
Can buyers get a certificate of insurance, too?
“Yes. After buying the policy you’ll see a “Create Certificate” button. Tap that button, enter the address of who you want the certificate sent to, and then it’s off to the folks who need it. It’s really quick and easy to do.”
Why should race directors consider RaceInsure for their next event?
“We make the process of getting a policy incredibly convenient and transparent. It only takes minutes to do and our policies give races that all-important participant coverage that most policies don’t include. Also, if anyone ever has any questions we are here and can help them get answers to any question they may have. Just like our clients – we’re also race directors and timers. We’re empathetic to what they’re doing and understand where they’re coming from.”
Currently RaceInsure is active in ten states – FL, CT, MA, MT, NJ, NY, NC, OR, RI, TN, UT, WA – and can insure races with fewer than a thousand participants. To learn more about RaceInsure, or get a quote, visit their site here.