Discussions have taken place with Insurers over the last few weeks to bottom out the renewal of our Insurance covers for 2018. We are pleased to say that insurance premiums for next year will not increase, they will remain at the same rate as for 2017.
The premiums for Personal Accident have increased slightly, but it was decided that this increase can be absorbed by the ACU.
John Collins, Chairman ACU Ltd commented “I am pleased we have now come to a solution with the Insurance premiums for next year. It has taken a little longer than we thought but we are delighted that the premiums we set to our Organisers remain static across the board and there is no increase”.
The Board have also considered the excess layer, ie. the upper limit of insurance cover provided and have decided to increase this to £40 million. The ACU Insurance cover still continues to be provided in three layers:
1
st layer - 0 – £250,000 (£500,000 for TT / FOM)
2
nd layer - £250,000 (£500,000) - £10 million
3
rd layer - £10 million - £40 million