Operations

Maximizing Your Insurance

Posted on November 2, 2009 by Nicole Schlosser - Also by this author

Page 1 of 3

Motorcoach carriers looking to purchase or change insurance policies contend with several factors, including a process can seem complicated and costly.

LCT Magazine recently spoke with industry experts to get some tips on what to consider and how to ensure you get the best coverage for your company.

First, look into the several insurance companies that specialize in offering passenger transportation insurance, such as Lancer Insurance, Shriver Insurance Agency, Transportation Insurance Brokers, and National Interstate Insurance Co., just to name a few. Because these companies offer products tailored to transportation, including driver safety training, operators should seek them out when conducting a search.

Francis Walsh, vice president/senior underwriter at Lancer Insurance, says that the importance of “having an experienced insurance company familiar with handling passenger transportation claims cannot be overstated.

“Your customers are your livelihood, so how they are treated in the event of a claim is as important as anything your insurance company will do for you,” Walsh says. He also points out that the more risk an operator can afford to take through liability and physical damage deductibles, the more premium savings they will see.

Relationship, Safety, Culture are Key

Other factors to remember when researching insurance benefits and costs are the needs and assets of your operation, and how these will affect your policy.

The International Motorcoach Group (IMG) consists of more than 57 motorcoach tour and charter operators in North America. Its members vary in size and insurance needs.

President Steve Klika says that coach operators need to understand that establishing a relationship with your insurance carrier is vital. “If I were to give some advice…when buying insurance, look at [it] not only on a short-term basis, but on a long-term basis. Take a look at the relationship [you’re] going into.” He contrasts the experience with buying home or auto insurance. “Don’t look at it for just year-to-year, because the insurance company is going to want to know your experience, so in case you do have a bad year, they’re not just going to bail out on you. And at the same time, in some cases, by having a long-term relationship, it’s going to have a [positive] impact on your premiums year-to-year,” he explains.

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