Insurance market still hard and getting harder. What does this mean for you?

[Limo Insurance King]

http://www.insurancejournal.com/new/.../22/308859.htm

The above link directs to an article from Insurance Journal that boils-down the results of a survey of CFO's of Property & Casualty insurance carriers. The consensus is that the insurance market place is becoming harder (rates increase + coverage decrease) or at the top of the cycle. They also indicate that the Casualty market will remain harder than the Property market.

What this means for you in the transportation industry, is that your rates for liability coverage are not going to be decreasing anytime soon, and you should anticipate a continuation in rate increases. In addition, coverage may become more restrictive in area such as your General Liability, Cyber, and EPLI policies in-lieu of rate increases or in combination with.

From what I have seen, the Physical Damage rates have not taken much, if any rate increases, however the Liability rates have been increasing since Oct. 2011 (you might recall this thread I started in 2011: http://www.limousinesonline.com/show...surance-Budget), with the later part of 2013 having the greatest increases in rate changes.

As always, it's a pleasure to be trusted as a resource by you and I'd love the opportunity to work for those of you I do not already currently work for.

[Geoff Levine]

You forgot to say, don't shoot the messenger.

[Limo Insurance King]

Yeah, I thought about that Geoff, but I figured I've been here long enough that I don't get as much grief as in the past.

[stogge]

Hi King,

Can you PM or email me about what kind of insurance costs I could expect as a new operator with a 2000-2004 LTC 120"? I am in the due dilligence phase of my new business endeavor...

Thanks!

Zack