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Insurance Facts

With all the current problems faced by the speedway industry, as the organiser of AMCA Nationals QLD, I have taken it upon myself to find out as much information as possible relating to the insurance issue and to do my best to explain the reasons for this current crisis even at the risk of sharing information that may be deemed confidential. However i feel as though everybody involved in Speedway racing needs to know the facts before making any decisions in regard to their future in this great sport.

Fact 1: Public Liability Insurance is the main issue.

Fact 2: All motorsport categories are effected as well as many other entertainment industries.

Fact 3: Up until now, the promotors of the venues have paid the public liability insurance premiums to protect themselves and the competitors against claims made.

Fact 4: In 1999 Insurance cost through FAS where approximately $800 per race meeting.

Fact 5: Season 2002-2003 the promotors have been given a nation wide slide scale for speedway racing. I have personally sighted this pricing structure and it is as follows:
- Up to 400 race meetings = $7600 per race meeting - Between 400 and 700 race meetings= $4400 per race meeting and - 700 race meetings and over= $2600 per race meeting.

Fact 6: As of the 30th of September, Australian speedway promotors have 208 race meetings scheduled for the up comming season therefore promotors are looking at $7600 per night to protect themselves and the competitors against public liability claims made.

Fact 7: Allegedly 85% of claims are made by competitors.

Fact 8: Promotors are looking at the following solutions: a) Further increasing competitor entry price to $45 per competitor at the pit gate b) Nomination fees of approximately $25 per car per night c) Cutting prize money by up to 50% d) Closing down speedway venues

Fact 9: FAS/NASAR had an insurance crisis meeting last week in which it was discussed whether a "one off annual fee" be charged to the competitors to help offset these costs to the promotors enabling speedway to continue.

Fact 10: Various speedway venues have already cancelled race meetings this season due to this added expense.

It is in my OPINION that all competitors taking part in speedway racing and motor racing in general need to share the burden of this huge insurance increase. After all we are the ones putting our machines and abilities on display and crowd numbers are not high enough to cover these costs.

At this stage the FAS idea of a "one off fee" seems to be the most practical. Lets just hope that all competitors nation wide can see that this is not just another money making exercise by pomotors but infact is a way of keeping speedway alive in this country.

This information was compiled by Russell Bonsey from the AMCA Nationals Qld. Phone: 0438 718 974.