TCBC Member Benefit: LAB Insurance*
Among the many benefits that come with TCBC membership, possibly the most significant is our League of American Bicyclists (LAB) Insurance administered through American Specialty Insurance Services (AmerSpec). It consists of Liability and Medical coverage plus an Accidental Death & Dismemberment policy.
All coverages apply only on approved and scheduled TCBC bike rides. The Liability Insurance provides $1 Million of General Liability and up to $3 Million of General Aggregate coverage. The Medical Insurance provides up to $10,000 of coverage per person per claim after a $500 deductible which disappears if either you or your primary Medical Insurance company has paid that amount on the claim. This Medical Insurance is secondary to any other Medical Insurance you may have. Also, there is a $5,000 Accidental Death and Dismemberment coverage per person. TCBC pays the yearly premium for these insurances as a member benefit for all current paid-up members.
One may ask why is it beneficial to have Liability coverage while riding a bicycle. Well, consider the fact that last year alone, AmerSpec paid two claims of over $400,000 each to pedestrians who were hit by bicyclists. They also paid a myriad of smaller bodily injury and property damage claims resulting from cyclists’ errant actions including damage to automobiles.
The benefits of the Medical coverage are more obvious. In TCBC alone, there were several claims last year including two that resulted in payouts close to the maximum $10,000. Having this extra Medical coverage can help ease at least a small amount of the pain and financial hardship of having biking- related injuries.
In order to benefit from our LAB Insurance coverage, you must: be a currently paid-up member at the time of the accident; have signed a yearly waiver; have signed the Ride Report Sheet at the start of the ride on which the accident occurred; and work with the ride leader of that ride to file an accident report with AmerSpec as soon as possible after the ride.
While we hope that our members will never need it, TCBC is pleased to make this valuable benefit available to all of its members. Your half of the deal is to make certain that your membership is current and that you comply with the other items listed in the previous paragraph.
*Disclaimer: the information in this article about the LAB Insurance coverage provided by AmerSpec is written with the best intentions of accuracy, but the final word on coverage will always be determined by the actual policies of the insurance underwriters. A PDF of the AmerSpec brochure for LAB Insurance is available for viewing at www.biketcbc.org on the Ride Leader Resources page.
Pete Hawkins, TCBC Insurance Coordinator, February, 2013