What's With The $150 Group Damage/insurance Pool?

[glrfcentral]

Many of you may be asking what's with the supplemental fee that we are adding to the Miami Rowing Festival registration fee?

 

- The simple answer is GLRF is on the line for property damage and liability from accidents. -

 

In the US, lawsuits and insurance claims are as common as a pair of socks. To ensure GLRF was protected, we needed to charge a supplemental fee that would cover whatever costs might emerge from the Miami Rowing Festival weekend. Since we don't know how many participants will attend, we needed to establish a pool of funds that would cover what we believe could be the costs involved for damages to the boats, as well as pay for a fixed fee liability policy, for a minimum number of participants

 

We don't anticipate there will be any property damage claims but if we don't have that reserve fund, and we have to pay a large deductibe, GLRF could be essentially wiped out.

 

We anticipate returning most of the supplemental fee to the festival participants, and the cost per person that GLRF will have to hold back after the event will go down as each additional person registers (basically a shared liability approach).

 

Why are we making this a shared liability if one person drops a boat or slams into a bridge pier? Because negligence is always difficult to assign and if a claim comes in, and there is debate about who is at fault, GLRF still has to pay the damages. We think this is the easiest, fairest approach. We will post the costs of the claims and the fee for the liability policy here after the event, and provide a transparent accounting of how we calculated the refunds.

[glrfcentral]

The refunds for the 2010 Miami Rowing Festival insurance pool have been sorted. There were a total of 8 participants @ $150 per person so the insurance pool was $1200. The cost of the insurance premiums was $362. There were no damage claims. Therefore the refundable pool was $1200 - $362 = $838 Divided among 8 participants, the individual refunds were $104.75

 

We anticipate the insurance premium costs to be close to the same for 2011 and if we get more people attending the 2011 Rowing Festival, the insurance pool will be larger and therefore the refunds will be larger as well.

 

Post if you have any questions.