Monday December 17th, 2001

Formula One circuits may have to forfeit the right to stage Grands Prix this season because of insurance costs, according to risk management expert Chad Lion-Cachet.

Lion-Cachet claims that a scenario could emerge where the manufacturers pitch in to save Formula One events from shutting down because the capacity of the insurance market has fallen away since September 11.

"I think there might be some circuits which can't afford the costs of insurance," Chad Lion-Cachet told the Motor SportBusiness conference in Monte Carlo. "Is it manadatory? Yes. The question then is: who will share the costs?"

Lion-Cachet has advised the sport to take collective responsibility for all insurance risks, after he claimed that not all 17 races will go-ahead unless everyone pulls together.

Published at 13:32:21 GMT

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