Should I Insure My Virtual Race?
Yes, you should insure your virtual race. Here’s why – insurance will cover your defense costs.
Participation waivers are great. Critical, even. But they will not prevent someone from suing you. Should a lawsuit land in your inbox or the Sheriff personally serve the notice, you’ll need to defend yourself. This is why event liability insurance policies were invented.
Here’s the wild problem: Event liability policies are mechanically designed to insure a certain space and time (ie; the race that follows a specific course, on a certain date, between certain hours). This doesn’t jive with a virtual race – that may or may not be tied to a specific course and can span weeks. That said, even if you wanted to buy insurance… you couldn’t… because it didn’t exist.
As we watched COVID-19 force race after race to convert to virtual format, we began creating a solution for this massive coverage gap. Working with Tokio Marine-Houston Casualty, one of the largest event insurers in the world, we completely retooled event liability insurance to fit the virtual race exposure.
This retooling was a heavy lift. It required a holistic approach. Attorneys crafted specific waiver language. RaceJoy is the GPS-based tracking software solution that allows us to quantify risk. RunSignUp will be the gravitational force at the center of it all.
Here are the details:
For Virtual Races That Follow a Set Course:
We can offer $1,000,000 in event liability coverage – that includes participants – as well as spectators and volunteers when the following parameters are met:
- Course must be closed to vehicle traffic.
- Participation is limited to daylight hours (no night runs).
- Online registration must be provided my RunSignUp.
- Race Timer must be RaceJoy Certified.
- Participants must use RaceJoy smartphone app.
- Course must be inspected prior to start of the race.
- Maximum Distance is 13.1 Miles (Half Marathon).
The minimum cost is $300 per policy.
- We can insure multiple commonly-owned events on a “master” policy to improve the economics.
For Virtual Races That Do Not Follow a Set Course:
We can offer $1,000,000 in event liability coverage – that excludes participants – but will include spectators and volunteers.
However, we can provide $50,000 in participant accident coverage. This way, in case a participant sends you a $3,000 medical bill, you would have some coverage.
The minimum cost is $250 per policy.
We can insure multiple commonly-owned events on a “master” policy to improve the economics.
All of our virtual event liability policies include:
- Blanket Additional Insured status for certificate holders.
- Blanket Waiver of Subrogation included.
- Access to attorney-reviewed participation waivers.
- 24/7 Access to issue certificates of insurance.
Hopefully you will never need insurance. But it only needs to work once to pay for itself.
- General Liability
- Participant Liability
- Participant Accident Medical
- Event Cancellation
- PCI Compliance Liability
- Data Breach Liability
- Abuse & Molestation Liability
- Property & Inland Marine Coverage
- Hired & Non-Owned Automobile Liability
- Employee Dishonesty
- Workers’ Compensation