140 cars worth approximately £21m to be covered as part of 10 country, 3,000 mile international sports and lifestyle event
10th May, 2017: Independent insurance brokers PK Partnership has chosen ERS, the largest specialist motor insurance syndicate in Lloyd's of London, to deliver a specialist motor policy for participants of this year's Gumball 3000 rally.
The prestigious annual international motor rally attracts a host of supercar owners (including many celebrities) who showcase their vehicles during a week-long 3,000 mile driving tour using public roads.
The majority of vehicles on show will be high-value, high-performance supercars including brands such as Ferrari, Lamborghini and Aston Martin. With an average individual value of £150,000, the total value of the vehicles entering the 2017 event is estimated at £21m.
The PK Partnership policy, which is custom underwritten by ERS, starts the moment each car hits land in Riga, Latvia, on July 1st and offers participants options for Third Party Liability and Accidental Damage, Fire & Theft cover, right the way through to the conclusion of the final leg in Mykonos, Greece.
Approximately 140 cars (each with at least two drivers) are expected to participate in Gumball 3000, which reaches a global audience of 100m households in 60 countries, as well as a live crowd of well over 1m en route. The cost of the vehicles, combined with differing local driving laws, unfamiliar terrain and younger than average drivers for this class of car makes insuring the rally participants an intricate process.
Amit Patel, Director of PK Partnership said:"Finding an insurer able to deliver a single policy solution that can also serve more complex requirements was key. ERS has demonstrated that it understands the specialist requirements of each individual driver and vehicle competing in Gumball 3000 and, despite the complexity, has been able to develop a bespoke policy for the event which will enable participants to enjoy the rally safe in the knowledge that their pride and joy is protected."
Tom Donachie, head of bespoke underwriting at ERS said:"The Gumball rally brings together a unique group of high net worth and celebrity car enthusiasts who are passionate about driving and take huge pride in their vehicles. This requires a unique approach to underwriting, and we've worked closely with PK to build a mutually beneficial and sustainable relationship that ensures this incredible event is covered from day one right the way through to the finishing line."
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For more information, please contact:
Louise Naqvi
ERS Head of PR
louise.naqvi@ers.com
07825 032262
Tom Kirkham
Transatlantic
Tom@transatlanticent.com
07736469536
Notes to Editors:
About ERS
ERS has been providing insurance products for over 70 years and provides specialist motor insurance to more than 500,000 policyholders through Lloyd's syndicate 218. ERS offers a diverse range of products, including private car, classic car, van, motorcycle, taxi, minibus, fleet, haulage, agricultural vehicle and motor breakdown.
About PK Partnership
PK Partnership is a well-established and highly respected provider of independent insurance and financial advisory services. The group was founded in 1979 and offers and combined approach to supporting the diverse and unique needs of high net worth individuals and businesses.
About Gumball 3000
The Gumball 3000 is an annual British 3,000-mile (4,800 km) international celebrity motor rally which takes place on public roads across several countries over eight days. It was started in 1999 by entrepreneur Maximillion Cooper with the idea to combine cars, music, fashion and entertainment. Today the Gumball 3000 is one of the biggest motoring rally events in the world.
