stronz
Posts:447
 |
| 11/26/2013 09:55 AM |
|
news of the theft is pretty gross. But -- the financial loss. Surely they are insured right? I mean the article makes it sound like the team is crippled financially now that their equipment was stolen. Well yeah, but to the point of not continuing? Thats not ever stated, but one would think they'd be covered to the hilt for something liike this. I would think the financial impact of this loss should be negligible. |
|
|
|
|
79pmooney
Posts:3189
|
| 11/26/2013 11:59 AM |
|
I wouldn't bet on the insurance. Look at the typical team owner. Ex-bike racers. High school education. For success, his team has to win and be seen to ensure future sponsorship. That will be that owner's focus, not balancing books, finding insurance companies and paying them, etc. And that 1000 Euros/year insurance premium? That's a lot of waterbottles.
edit: Those WBS not only help fuel his riders but are also advertising for his sponsor.
Ben |
|
|
|
|
Cosmic Kid
Posts:4209
|
| 11/26/2013 12:05 PM |
|
| What Ben said....the history of these teams is not one of high-organization. Obviously, some of the mega-teams have brought new levels of organizational excellence to the sport (say what you will, but uSPS has their schitt dialed), but the majority of them are probably still a bit of the "fly-by-night" set-ups. |
|
| Just say "NO!" to WCP!!!!
|
|
|
stronz
Posts:447
|
| 11/26/2013 03:12 PM |
|
| Boy if I were the spnsor I would sure as heck make certain there was insurance for the equipment. Not leave it up to the bozo director of the team. I cant believe a big company would not have assurances that its multimillion dollar investment is protected and insured. |
|
|
|
|
Oldfart
Posts:511
|
| 11/26/2013 03:43 PM |
|
Actually who owns the equipment that sponsors give teams to use? Does equipment have to be returned when a sponsor change happens? Do they sell it off seasonally? If you get something for free, what is the loss when it is stolen and does the sponsor replace the stuff? Does the sponsor have the actual insurable interest in the equipment and therefore it the sponsor that should insure it?
Also remember what retails for x is probably 40% less at wholesale and the actual manufacturers cost to produce even less still. |
|
|
|
|
longslowdistance
Posts:2886
|
| 11/26/2013 06:17 PM |
|
| Also, perhaps the insurance was so expensive that they took their chances.
What could they have lost that's so hard and expensive to replace, one wonders. Not bikes and wheels, surely, as OF has already noted. |
|
|
|
|
79pmooney
Posts:3189
|
| 11/27/2013 12:53 AM |
|
Stronz, a likely scenario at the sponsoring company: Owner tells management that next year Lampre (for example; this is pure fiction) is going to sponsor the team currently sponsored by YYYY. Owner has heard that YYYY is going to back out and he REALLY wants to sponsor this team led by Joe Smuck. Bookkeeper Smith gets the word and visits the team, spending two days with them talking to the DS, coaches and riders. Comes back and when he can get the owner's ear, tells him that organization is a mess; that it is nothing Lampre should ever be associated with. Lampre stands for straight up quality work and merchandise, delivered on time and to budget and standing behind their work. Been their motto for decades. This team can't even get their hotel bills straight!
Owner: "We're doing this!" (It's been his dream since he was a kid.)
Next day bookkeeper writes the check while holding his nose. And repeats this act every January, always with his nose clamped shut.
Do you really think that bookkeeper is looking at insurance?
Ben |
|
|
|
|
stronz
Posts:447
|
| 11/27/2013 08:57 AM |
|
| Ok well maybe youre right 79M but I was watching the 2001 tdf during a recent spinning sweatfest in the basement and noticed that Lampre was a team in that tour. I think they may now be the longest running active team. Anyway point is that they have been doing this for a while and someone somewhere in the corporate system has probably asked the question "what if the equipment with our name on it is stolen" Someone has to replace it. Recent thefts have undoubtedly caused other teams and spnsors to ask this question. There have to be some individuals in pro cycling who are aware of due diligence, adverse scenario planning and general worry warts. |
|
|
|
|
79pmooney
Posts:3189
|
| 11/27/2013 12:06 PM |
|
I'm not saying that anything is true about that scenario! Just speculating why and how companies get into sponsorship. But the idea of the bookkeeper holding his nose while he writes out that 15th consecutive check? I'd believe that.
Ben |
|
|
|
|
Orange Crush
Posts:4499
|
| 11/28/2013 06:08 PM |
|
| WOW, 111 bike stolen. |
|
|
|
|
Oldfart
Posts:511
|
| 11/28/2013 07:17 PM |
|
I wonder if race team bikes are insurable? Certainly not for damage sustained during a race as that is almost a certainty and the bikes are replaced pretty often. I would guess the contract between Lampre and Merida touches on which party is responsible for losses like this.
You have to figure with that many missing bikes, at least one will turn up and be discovered by authorities. |
|
|
|
|
vtguy
Posts:298
|
| 11/29/2013 11:09 AM |
|
| I'd be interested in Pa's take on this. |
|
|
|
|
The Short White Guy™
Posts:56
|
| 11/30/2013 09:09 AM |
|
I should start a poll:
Lampre's bikes were stollen because:
A. It was an inside job.
B. They can be easily exchanged for PED's. (refer to A)
C. Someone really wanted to change bike sponsorship. (refer to A)
D. Insurance claims due to theft are an easy way out of financial obligations. (refer to A) |
|
|
|
|
longslowdistance
Posts:2886
|
| 11/30/2013 09:47 AM |
|
| That's funny. |
|
|
|
|