Marsh & McLennan Agency is no longer accepting applications for insurance coverage to member clubs, chapters and coaches under the IMBA liability insurance program. All chapter, club and coach policies are currently under an extension that expires March 1, 2014, at which time these policies will not be renewed.
After months of work extending the old coverage and seeking a new carrier for the IMBA liability insurance program, the program was deemed unaffordable by IMBA, and the organization’s leaders opted to discontinue this program and not renew it. We know the leadership at IMBA took this decision very seriously and understands the severe impact it has on its members.
Because the program was structured under a “master policy,” IMBA was the primary policy holder and needed to approve and purchase it before coverage could be extended to IMBA clubs and chapters. The premium increased significantly due largely to the number and severity of claims experienced over the past couple years across the membership.
Without this master policy in place, individual club and chapter policies would require a minimum premium averaging $5000 to $7500. Insured members are urged to seek coverage immediately elsewhere.
This unfortunate development saddens the entire Marsh & McLennan Agency Bicycle Industry Risk Prevention team. We look forward to continuing to serve the bicycle industry in other existing capacities going forward, and will miss working with IMBA and its great network of chapters, clubs and coaches.