Tony Venning, a former executive with insurance broker Jardine Lloyd Thompson (JLT) who served with the company for more than 20 years, has launched a new insurance company – No Worries – specifically geared towards the adventure sports market. Venning helped to organise insurance for the London 2012 Olympics and the 2010 Rugby World Cup, and sees adventure sports as a growing international market ripe for exploration.
“People who love skiing, cycling, surfing or travelling can be shocked when they need to make an insurance claim and then find out there’s a clause in the fine print that prevents them from doing so,” he said. He cited cycling as a particular example, referring to the rising costs of equipment and injuries. “For instance, most other companies won’t provide coverage for bikes valued at over $1,000. Some bikes, especially those with carbon fibre frames, can be as expensive as a car. Additionally, most other insurance companies will insist on trying to repair a broken carbon frame rather than replacing it. For the serious cyclist there’s no way you’d hop back on a ‘patched-up’ carbon frame, especially if you’re travelling at high speed. We understand the difference and provide new-for-old replacement on all bikes less than two years old in the event of major damage.”
The new venture is backed by a Lloyd’s of London syndicate, and having launched officially in 2014 Venning is hoping to expand quickly this year.