Originally Posted by
flyinwalenda
No real need to do anything in the past. Now it seems maybe there is a need. I am sure there is similar affordable coverage out there to be found.
Some interesting numbers to try and find would be:
How many members who had a RC accident actually benefited from the ama insurance paying either fully or partially. Unknown, but plenty of examples noted in threads here and elsewhere. Don't forget theft claims as well. WAG guess, I'd say less than a thousand a year.
How may clubs actually had their ama insurance pay out for damages caused by said club ? WAG, far less than noted above.
I am thinking those numbers would be low.
Agree...but there is another issue. You have frequency (the number of claims), and severity (the exposure/value) of the claim. In 2011 they might have paid out a total of 2 million dollars for 230 claims, and then in 2012 paid out 2 million for 15 claims.
The payment info is in the financials, but not claim specific. It's proprietary to some degree, and usually only given to underwriters at the time of rate requests.
Apparently there was a need in the past as the SFA gave it a go. Of course they were business (for profit), and the AMA wasn't. It was one of several differences. But anyway, I don't think it would be that easy to get a similar quote for just the liability coverage. Any new group wouldn't have loss histories to present for consideration, so initially the rates would be crazy high. of course if the new "CBO" was willing to self insure, that might make it easier. Either way, any landowner would be interested in the bottom line..how much am I covered for. I would think the new members of the CBO would be wondering as well.
I looked back in the old old AMA threads and the more things change the more they stay the same. Almost identical issues and complaints (minus the drones of course), but other than the SFA it doesn't look like anyone ever made a go of it. If there was ever at time to do something I would think it would be now.