ISC pays $1.1 million deductable for crash
On the final lap of the Nationwide Series race, the car driven by Kyle Larson got airborne and hit the catch fence in the area that can be unattached to allow fans and officials to go to and from the stands before and after a race.
The fence buckled, causing the front end of Larson’s car to disintegrate, showering the stands – including the upper deck — with debris. A tire and suspension from Larson’s car went through the fencing and hit fans in the lower rows.
Fourteen people were admitted to the hospital following the accident. All have been released, ISC President John Saunders told financial analysts Thursday.
In discussing its financial results for the first quarter of 2013 (December-February), ISC chief financial officer Dan Houser said the company had paid $1.1 million for the insurance deductible because of the Larson accident. ISC, in a filing with the SEC, listed its total deductable is $1.5 million and stated that it expects its insurance to be adequate to cover any claims, including lawsuits.
According to the standard NASCAR sanctioning agreement filed by Dover International Speedway with the U.S. Securities and Exchange Commission, tracks are required to carry $50 million in insurance to cover costs of injuries and lawsuits arising from NASCAR races.
“While we are insured for these type of events, more importantly in conjunction with NASCAR, we are always reviewing safety measures," Saunders told the analysts.