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, <br /> AMERICAN <br /> BICYCLE ASSOCIATION • <br /> NEW TRACK LIABILITY INSURANCE PREMIUM <br /> EFFECTIVE FEBRUARY 4 2002 <br /> Dear ABA Track Operator: <br /> It has not been necessary to sit down and write a letter like this for over ten <br /> years, but September the 11 has changed not only the way we guard our <br /> lives but also the way we live them. Our insurance policy comes due every <br /> February and this past year the liability insurance in this country took a big <br /> hit and it has affected everyone. The past five years we have been able to <br /> tweak the policy in one way or another and have even increased our subsidy <br /> to the program for the past two years to eliminate the need for an increase in <br /> the premium to you the Track Operator. In November our insurance <br /> company had projected a 20% increase, but when sitting down with them <br /> this past week the premium had increased 55% over last year. The change in <br /> premium was attributed to the impact of September 1 l the major decline in <br /> the stock market (can't grow their money) and the number of claims we have <br /> had in the past two years. This has put us in a position of having to increase <br /> the premium to our Tracks. We feel that it would be fairer to all if we change <br /> both ends of the premium instead of just raising the maximum. So effective <br /> February 4 we are changing the insurance cost for all Tracks to a $30 dollar <br /> minimum plus one - dollar per rider to a maximum of $60 dollars per race. <br /> This increase along with the same amount that we have subsidized the <br /> program with for the past two years will meet the increased premium. I am <br /> sorry I could not have given you more notice but the late meeting with the <br /> insurance company and the huge increase left us with no other recourse. <br /> S' ce -ly, <br /> Cla / •n Jo <br /> P.O. Box 718 • Chandler, Arizona 85244 • Phone: (480) 961 -1903 • Fax: (480) 961 -1842 • Website: www.ababmx.com <br />