pwhole
Well-known member
My main worry with enforcing insurance to be a member of the BCA (or accessing caves - yes I'm aware landowners may stipulate it, but this is only because we have created this status quo) is what happens when a claim finally occurs (or two) - leading to the BCA being unable to pay the excess and the insurance premiums rising drastically such that it becomes unaffordable?
Isn't that the case with all insurance everywhere though? Statistically, I suspect most people paying insurance 'lose their money' - in the sense that nothing bad ever happened, and so they never made a claim, and just paid off their premium. It's much rarer for something bad to happen, and you 'get a win', in the sense that the payout far exceeds what you put in. Insurance is just gambling really, with everyone hoping something won't happen. The person insured hopes they won't get crippled, and the insurance company hopes they won't have to pay out.
Keeping a £10 million policy down to £30 a year is amazing, even if it is ultimately bullshit - the incentive to us is to keep the cost down, by reducing risk to ourselves and others, and thus not risking the massive payout that would bankrupt BCA. The incentive to the insurance company is to keep seducing people to give them money by offering to help out when things go wrong. I'm no number-juggler like our esteemed Treasurer, but I suspect there is always enough money in the pot - I guess the odds of 'the business' may be roughly that of a roulette-wheel?