Markel International, the specialty property and casualty insurer, today launched a unique product offering a wide range of insurance coverages to the UK’s population of professional karting circuits. The launch was held at Buckmore Park, the premier karting circuit, where British Grand Prix ace Johnny Herbert learnt his trade.

The new product will provide Employers Liability coverage of up to £10million, Public Liability coverage of up to £5million and Accidental Death, Loss & Dismemberment benefits of up to £25,000. Whilst the product has been developed to meet the specific insurance needs and requirements of kart circuit operators, coverage will be provided for each circuit on a tailored, track by track basis. The product will be marketed on an exclusive basis by Lloyd’s broker, Crispin Speers.

Markel International underwriter Peter Smith commented "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.

"We have made sure that we really understand the needs of circuit owners. Our focus has always been to create and maintain relationships with professional operators. Key figures within the karting industry, Mr Bill Sisley, (a former tutor, employer and close associate of Johnny Herbert) and Mr John Surtees, (the only person ever to be world champion on both two and four wheels) of Buckmore Park have been instrumental in developing the new Markel product."

Bill Sisley, Managing Director at Buckmore Park Circuit, said "Despite being the UK’s market leader, we have been concerned about the quality of public liability insurances available which, it seemed to us, were not designed for businesses like ours, and so might leave us exposed. It is important for respectable commercial operators to have the right cover, and we are delighted with both the cover, and the exceptional service we have received from Markel. I have no hesitation in recommending the product to others in the industry."

Markel International has chosen to develop the product in conjunction with Crispin Speers, the leading wholesale brokers within the karting insurance market.  Bob Clayton, director at Crispin Speers & Partners said: "Markel and CSP have been working together to rewrite the package of insurance terms available for the karting community. The ethos is about quality and risk management, which translates into a superior package at competitive costs. We are delighted to have been chosen to run the programme for Markel, and are currently reviewing a number of opportunities within this area."

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. The existing product range, written worldwide, offers Professional Indemnity coverage for instructors and key personnel, Public and Products Liability for operators, Employers Liability, General Liability for premises operations, Accidental Death, Loss and Dismemberment for participants and incidental physical damage coverage for operators’ equipment. Markel 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.