On Friday afternoon British Eventing sent an update out on the abandonment insurance and refund policy. If you have not seen the communication, PLEASE read the below. It requires everyone’s full attention. BE are asking for feedback by Monday if you do not agree with what they have offered.
EHOA Board member Alex Wakeley has been working hard on behalf of members, with the other stakeholders, so if you have additional questions please do get in touch with him directly: alexwakeley@btinternet.com
British Eventing communication to members on the refund policy that will replace abandonment insurance and an update on entry fees.
BACKGROUND
British Eventing (BE) has listened hard to the feedback from members, and we know we have to bring down the cost of competing at all levels.
As you will appreciate this is a very difficult task in a time where organisers are facing ever-increasing costs and where inflation in the UK is now over 4%.
One significant part of the entry fee is the 14.8% Abandonment Insurance Premium (AIP). You currently pay this additional 14.8% on every entry you make.
Abandonment Insurance, as it stands, means that you get 100% of your entry fee back but not the additional AIP (14.8% on top of the entry fee). In effect you receive 87% of your payment if an event abandons. The organisers get to keep all entry fees and are therefore not out of pocket for the expenses they have incurred.
However, statistically, only 1 in 8 events abandon per season. If you compete just 7 times without an abandonment over any time period, you would be financially better off without paying AIP.
Like everything else it is likely that the cost of our AIP will only increase moving forward. For 2022 the price is set to rise from 14.8% for an 87% refund to 15.1% for an 85% refund
CONCLUSIONBritish Eventing is confident that removing Abandonment Insurance is the best solution for members – this change delivers on a price reduction (£80.95 instead of £93.17 for a BE100 entry) and enables members to self-insure.
If you save 15.1% on every entry, by the time you have entered your seventh event you will be better off, even if an event abandons on the day and only your start fee is refunded. As we have said this solution is fully supported by ERA of GB including the Rider Working Groups (Grassroots, Novice to Advanced and Elite) and the EHOA who have all been heavily involved in its development. We have also created some FAQs (see below) that should help you understand all the details.
ACTION REQUIRED
Please let us know by close of business Monday 29th Novemberif you have concerns about this way forward by sending an email to marketing@britisheventing.com
If you are in agreement then you need do nothing other than look forwardto seeing the costs of your sport reduced in 2022.
More details can be found on the British Eventing website along with some FAQ on the matter.