Markel American Insurance Co., a subsidiary of Richmond-based Markel Corp., has introduced a new insurance program for cyclists.
“There are over 10 million bicycles sold each year,“ Ted Wentzel, director of marketing for Markel American, said in a statement. “Many of those cost thousands of dollars but most cyclists didn’t have an opportunity to protect their bicycle with adequate insurance coverage. Our survey respondents also told us they needed protection for themselves with medical payments coverage and coverage for injuries they suffer when hit by an uninsured or underinsured motorist.“
The company said each policy under Markel Cyclist is custom built. It can include bicycle physical damage coverage protection for damage to the bicycle caused by collision, fire, theft, vandalism or hitting another object.
Coverage for spare parts, cycle apparel, rental reimbursement and competitive fee reimbursement is included at no additional cost.
Also available is bicycle liability coverage to cover injuries or property damage caused by the insured cyclist; medical payments to cover medical costs of the policyholder associated with a loss and vehicle contact protection to provide an additional source of recovery for the insured cyclist if he/she is struck by a vehicle without adequate insurance.
Markel Cyclist coverage is now available in 36 states and is awaiting regulatory approval in the remaining states.
Markel American, based in Waukesha, Wis., provides coverage for specialty properties (including manufactured homes and vacation homes) recreational vehicles (including motorcycles, ATVs and snowmobiles), watercraft (including powerboats, fishing boats and yachts), weddings, and private events.
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