Speciality property casualty insurer Markel International has launched a product for professional karting circuits.
The product will provide EL coverage for up to £10m, public liability coverage of up to £5m and accidental death, loss and dismemberment benefits of up to £25,000.
The product will be marketed through Lloyd's broker Crispin Speers on an exclusive basis, said Markel. The company said it would provide a tailored product for each circuit.
Markel International underwriter Peter Smith said: “The karting industry has seen significant developments over recent years. Circuit owners have become increasingly aware of the direct correlation between risk management and premium rates, and therefore have a vested interest in suitable practises and procedures so as to stringently enforce safety standards.
“Against this background we believe that a unique, tailored product designed specifically for the operator will offer the best level of protection for their premium.
Markel said the Karting Programme will form an integral part of the suite of products to be offered in the UK from the Sports Liability Product range, written out of Markel International's newly formed specialty division.
Markel said it has been underwriting extreme and leisure sports since the early 1990's, but this is the first time the company will be offering this type of cover in the UK.
