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Thread: Need advice on insurance after denial

  1. #1
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    Default Need advice on insurance after denial

    My current insurance company is not wiling to insure me anymore, i have about 7 days left to find someone and the 3 brokers i have went to seemed to be getting denied. ive been in business for 2 years, currently have 5 cars. last year one of my drivers got in an accident, although the issue hasent been resolved yet (neither settlement nor law suit) the insurance company put some money on hold that shows up on the loss run.
    What are my options, what can i do next?
    im really worried and if i dont get coverage, this will be devastating. I feel defeated. Please someone help me. Thanks.
    Last edited by BMA Limo; July 13th, 2013 at 12:09 PM.

  2. #2

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    Try Moreno and Graham at 800-972-4442. They are in Tustin.

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    Transportaion Insurance Brokers! Patty Porter 352-242-2475

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    Senior Member LIMOJESS's Avatar
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    You need to find a broker who deals only in livery cars. Anyone or anything can be insured. It is how much $$$ you are willing to pay.

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    Hugh specializes in passenger transportation.

    Hugh M Tamoney
    American Specialty Insurance Group, Inc
    3111 45th Street #16
    West Palm Beach, Fl 33407
    561-683-1220
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    www.asiginsurance.com
    Andy
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    If you were non-renewed by the current carrier and every other attempt to procure coverage has ended with a declination, I'd guess that there is a significant Loss Reserve on an open claim.

    You are insurable, it is just a matter of whether you will be able to justify the premium required to be insured. At this point in time, before you waste your time and a brokers time obtaining a proposal that you will not purchase, make sure that everyone involved has all the information, as well as what your maximum justifiable budget is for coverage.

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    Senior Member Billy Bob's Avatar
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    Everyone, is just one accident away from being out of business.

    A company that we are friends with had an accident several months ago. They have been in business for over 25 years. Their original insurance company gave them a 30 day letter. Their new insurance provider is now just under $20,000.00 per year for two vehicles.

    It is important that everyone practices "Risk Management". It is also important that everyone is doing everything they are supposed to be doing.

    We are entering our 14th year in business and we consider ourselves fortunate that we are under $50,000.00 per year for our insurance. We currently operate 14 vehicles. We do have a $1,000 deductible and a 5MM in coverage.

    There is also a little known policy for minor medical coverage. It is an additional policy that overs minor claims under $5,000.00. I believe the cost is in the neighborhood of $250.00 per year.

    Our Workman's Comp. has increased $2,000.00 this year. We never had a claim. Its just that the insurance rates overall are on the rise.

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    Quote Originally Posted by Limo Insurance King View Post
    If you were non-renewed by the current carrier and every other attempt to procure coverage has ended with a declination, I'd guess that there is a significant Loss Reserve on an open claim.

    You are insurable, it is just a matter of whether you will be able to justify the premium required to be insured. At this point in time, before you waste your time and a brokers time obtaining a proposal that you will not purchase, make sure that everyone involved has all the information, as well as what your maximum justifiable budget is for coverage.

    Thanks for calling me and talking to me. One thing is sticking out to me with your comment and our conversation over the phone, you are using language like "waist your time and a brokers time." This is my life here, this is all I have, in 4 days if i dont get coverage, there is nothing i can do. I own 5 vehicles that are financed and it looks like ill be in deep sh*t. I am trying to provide for my family, 2 kids and one on the way. and you say things like "waist time"??
    Im going through a tough and delicate time and you want to act like tough shit.

    You are a broker, it is your job to try to find people quotes, you dont ask "what is your maximum justifiable budget." With the facts that i provided to you, if you think my chances are slim to non, tell me that, dont play with me.

    You said to me that no professional broker will work hard for nothing, well i have a couple respectable brokers that are trying to help me out, and they think what you said was not right, i think your a clown.

    If you had an office in Los Angeles i would come tell this to your face.
    Last edited by BMA Limo; July 15th, 2013 at 09:55 PM.

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    Senior Member Billy Bob's Avatar
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    May I offer a direction until you have a solution to your insurance needs. First, survival mode needs to kick in. I would assume that your insurance needs to be on file with the State as it does with the State of Alabama.

    Can you insure only one or two vehicles in order to maintain your operational status? I believe you will be able to obtain insurance, but it may be in the high risk category. Since your vehicles are financed, the bank will require you to maintain insurance. If you do not, they will insure the vehicles for you. This will be at a high rate, but probably less than having liability and loss combined.

    If that doesn't work, and you have a warehouse or other storage facility, Garage Keepers insurance may satisfy the banks interest. If this does not give you some breathing room, you may need to dispose of a vehicle or two.

    Remember, you can always obtain additional vehicles at a later date.

  10. #10
    Senior Member LIMOJESS's Avatar
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    http://www.geico.com/manageyourpolicy/commercial/

    I
    have a newbie subcontractor that got a policy with them.

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    Boris, I believe their has been some confusion.

    To begin with, I understand that you have found yourself in a bad situation, however this was not caused by me and I was contacted four days before your renewal--this should have been addressed months ago by your current broker and you.

    In regards to what my job is, my job is not to "find people quotes." There are many insurance agents out there that will happily spend their time doing this. My profession is to help people understand their risk exposures and provide options with how to insure against loss or ways to transfer the risk. If you were an architect, and a person came to you to design a building, it would be wise to first ask what the budget is rather than to spend your time drawing the plans only to find out that cost is outside the justifiable reach of your client. No different with you and me in the situation you are in. Anything can be insured, but it is a matter of whether or not the insured can justify the cost.

    National Indemnity (that link LimoJess provided will provide you with a National Indemnity quote) and Prime insurance are two carriers that would most likely provide coverage for you, should you decide to pay the cost. Have these two brokers obtain terms for you from them. As far as calling me a clown, I don't understand how this conclusion was arrived upon, but from what I recall from our conversation is that your maximum budget was less than what I believed a carrier would require of you from the facts as presented by your operation, and so you thanked me for my time and hung up. If it would redeem myself in your eyes if I were to take your account to market to obtain rates that exceed your maximum justifiable budget I will be happy to do so as being called a clown in regards to the way I conduct business in the insurance industry is not how I want to be viewed. If you would like to send me your current Loss Runs for between the present time and when you first started operating (an explanation of the large loss reserve), drivers MVR's, veh. & drivers list (w/ dates of hire and years of experience), please feel free to send them to me in an email to: pbrun@kielyhines.com. There would be a short risk questionnaire that you would need to complete once this was received.

    In regards to Billy Bob's suggestion, due to his operation having insurance filings, all vehicles would have to be insured unless ownership is transferred. Dumping some vehicles would probably be advisable until the loss is closed and can more accurately be reported on the loss run. At this time, most carriers don't want anything to do with the operation because the reserve could be lower than the true loss.

    Again, sorry for any confusion and I wish you the best of luck.

    Phil


    Quote Originally Posted by BMA Limo View Post
    Thanks for calling me and talking to me. One thing is sticking out to me with your comment and our conversation over the phone, you are using language like "waist your time and a brokers time." This is my life here, this is all I have, in 4 days if i dont get coverage, there is nothing i can do. I own 5 vehicles that are financed and it looks like ill be in deep sh*t. I am trying to provide for my family, 2 kids and one on the way. and you say things like "waist time"??
    Im going through a tough and delicate time and you want to act like tough shit.

    You are a broker, it is your job to try to find people quotes, you dont ask "what is your maximum justifiable budget." With the facts that i provided to you, if you think my chances are slim to non, tell me that, dont play with me.

    You said to me that no professional broker will work hard for nothing, well i have a couple respectable brokers that are trying to help me out, and they think what you said was not right, i think your a clown.

    If you had an office in Los Angeles i would come tell this to your face.

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    Quote Originally Posted by BMA Limo View Post
    One thing is sticking out to me with your comment and our conversation over the phone, you are using language like "waist your time and a brokers time."
    Sounds like if you are not up front with the broker then you actually would be wasting time that you could spend with a different broker getting a quote. It was probably the best advice he gave you in this thread.

  13. #13
    Senior Member LIMOJESS's Avatar
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    It happens to the best of us.

    No matter how safe you are one claim is all it takes.

    I have been with the same broker since I was 21 years old and he starts looking at insurance companies a month before my renewal to see who is the best.

    Recently I met a cab driver who pays $12000 a year for his one cab. The reason being he has had tickets and accidents on his record. He was just happy to get insurance.

  14. #14

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    Going to different brokers might not really help you because insurance companies are only allowed to issue one quote/denial/whatever per broker. So if one broker gets a quote/denial/whatever then it stays in the system and no other broker can get a quote different or any other info from that particular insurance company.

    I learned this from my broker when I was working with two of them. I had to actually sign some paperwork stating that I wanted to work with one broker over the other because the one that I wanted to work with was locked out of getting quote.

    I could be talking out of my butt, since I was in this situation over two years ago...
    Last edited by SFLX; July 18th, 2013 at 04:48 PM.
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    I can assure you, Boris, that Phil is anything but a clown. He is very well versed in the insurance industry and someone who knows the ins and outs of what insurances we need as passenger transportation providers. Unfortunately, you have found yourself in an unfortunate situation that results in you having to pay high premiums or not have coverage at all. Things like that happen. If a pianist has his hand injured and he can no longer play the piano, he must find a new line of work. It is unfortunate but it happens. It isn't the fact of the insurance carrier that he can no longer do what his career was.
    Tim Wiegman, Jr.
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