2013 Insurance cover summary
Many of you by now would be aware that at the end of November we renewed the CA member insurance program for the next 12 months. There are a few important changes that were components of this year’s renewal, which I have summarised below.
Personal Accident Cover
I am pleased to advise that after an extensive period of negotiation our policy renewal for 2013 encompasses some significant improvements in benefits to members;
i) The applicable schedule of benefits are now at 100% claimable level, 24/7 whenever a member is riding their bike. This obviously provides a greater sense of comfort and security for members as well as eliminating the need to delineate between claims made in or out of sanctioned events.
ii) The claimable limit for non-Medicare medical expenses has increased by 67% from $3,000 to a $5,000 maximum. This is a significant value-add for claims where expenses such as dental are involved.
iii) The maximum reimbursement for loss of income claims – for time off work with injury – has increased by 17% from $500 per week to $600 per week, for up to 52 weeks.
These improved benefits bring the level of cover for CA members up to industry parity and strengthens the value of membership across all categories. However, the success of this program in terms of sustainability and cost effectiveness will be determined by our future claims history. Our personal accident insurance program is designed to provide a safety net for members; those seeking additional security may be advised to consider private medical cover and income protection. Meanwhile, we ask that our clubs, promoters and members consider safety at all times, whether in an event, in training or riding for transport or recreation.
Attached is a brief summary schedule of benefits for personal accident insurance provided by Willis.
Our PL policy rolled over at $20mil cover for sanctioned events and 24/7 for members while riding. There was a modest increase in premium, principally in response to a number of current claims being addressed in the Courts.
NB: An exclusion to all policies (PA & PL) exists when riding in a cycling event conducted by an entity not sanctioned by CA or one of the below affiliates. In such cases, for the duration of the event the responsibility for insurance rests with that respective promoter.
In renegotiating our policy cover for 2013 CA brokers, Willis Australia, presented terms from a number of underwriters in the market place. As a result of this tender process I can advise that ‘Savannah’ have been contracted as our new insurer. Savannah are not strangers to CA as they have underwritten our international and travel policies for the past few years. They are members of the Lloyds of London syndicate.
Claim forms will still be accessible through the CA office (02 9339 5800 / email@example.com)
Given the inherent risks involved in cycling a contributing factor to our capacity to improve benefits while keeping premium increases to a manageable level is that we go to the market with strength in numbers. The current policies jointly cover: Cycling Australia, BMX Australia, Mountain Bike Australia, Audax Australia, AustCycle and Pedal Power (ACT)
For any further clarification please contact Chief Operating Officer, Melinda Tarrant at the CA office.