BE to undertake Abandonment Insurance review
British Eventing has appointed an Abandonment Insurance Review Panel to undertake a full review of the insurance.
As members are aware, a proportion of each entry fee currently includes a mandatory payment towards Abandonment Insurance cover. The Abandonment Insurance policy has been in place to protect members, with their entry fees being paid back to them in the case of event cancellation or abandonment. With the challenges that the last year has brought in relation to pandemic related cancellations, alongside the pressures to keep the cost of competing as low as possible for members, it is felt that it is a good time to undertake a full review of the insurance.
Claims historically made under the policy have been predominately weather cancellations or abandonments, with the payout in excess of £6M over the 10 year period 2010 –2019 (compared to total premiums paid of £7.7M). In 2020, there were challenges in receiving a payout from the underwriters in relation to the COVID-19 cancellations and cover for pandemic abandonment or cancellation is not included going forward. Cover for certain equine related disease, such as equine flu, as well as weather-related cancellations remains in place.
The policy is obtained by British Eventing on a two-year rolling basis, which means that we would be going out to tender for any cover from 2022 onwards later this year (2021 is covered under the existing policy).
We have, therefore, appointed an Abandonment Insurance Review Panel to carry out the review and provide the BE Board with their recommendations.
The Panel will comprise the following:
- Independent Chair – Richard Jessel
- BE representation and secretariat support
- Representatives from BEOA – Richard Clapham & Simon Bates
- Representation from ERA at grassroots and professional levels – TBC
- Representation from EHOA – Alex Wakeley
- Representation from our current insurance broker, KBIS – Guy Prest
Richard Jessel has over 40 years’ experience in the insurance industry with companies and Lloyd’s of London, and more recently as a consultant and an independent peer reviewer. Recent work has focused on agricultural and weather-related insurances and Credit insurance. He has also been a Trustee of Blenheim Palace since 1994. Both Richard Clapham and Guy Prest also bring a wealth of insurance knowledge, alongside good working knowledge of the sport from various aspects.
The Panel will consider all aspects of the cover, including value for money of the current offering and alternatives. The Panel will report their findings to the Board for any changes agreed to be implemented from 2022 onwards.
We will update you on the findings of the Panel as soon as their work concludes.