Insurance Program Results

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Shrinking Capacity Pushing Rates for Towing

The departure of a few carriers from the towing segment will create room for more adequate pricing as the remaining companies pick up abandoned business. Rates can be expected to rise in the coming months and into next year as current exposures and risks greatly outweigh current pricing. Even if increased rates push some customers to jump ship, carriers will be happy with a smaller book of sustainably-priced business. A couple of new programs will emerge with the anticipation that rates will return to a more appropriate level. 

The expected alignment of pricing and exposures will bring about greater scrutiny of a towing company’s long-term loss run and accident history rather than setting prices on a single year of claim-free performance.  (8/11/14)

Edge Auto

Administered By: Acuity

Distribution: Carrier Direct

Industries:

Auto Dismantling/Scrap Metal/Recycling, Delivery/Courier Service, Towing Services

Carriers: ACUITY

Coverage: Commercial Auto

Limits: up to $1 million

Tow Truck

Administered By: Rockhill Insurance Group

Distribution: Carrier Direct

Industries:

Auto Service and Repair, Towing Services

Carriers: Rockhill Insurance Co.

Coverage: Commercial Auto, Errors & Omissions (E&O), Excess, General Liability, Property, Truth in Lending, Umbrella/Excess

Limits: up to $100,000 (False Pretense), up to $50,000 (Truth and Lending), up to $250,000 (IM, Property), up to $1 million (Auto Liability), up to $1 million (Garage Keepers Legal ), $1 million - $3 million (Garage liability), up to $1 million (Umbrella), up to $50,000 (Title E&O), up to $50,000 (Odometer E&O), up to $350,000 (Auto Physical Damage)

Towing

Administered By: Great American Insurance Group

Distribution: Carrier Direct

Industries:

Towing Services

Carriers: Great American Insurance Cos.

Coverage: Commercial Auto, Commercial Auto (Hired & Non-Owned), General Liability

Limits:

Towing Operations Protection Plan

Administered By: B&B Protector Plans, Inc.

Distribution: Program Administrator

Industries:

Towing Services

Carriers: Zurich

Coverage: Accidental Contamination, Business Income/Extra Expense, Commercial Auto, Commercial Property, Garage Keepers Legal Liability, General Liability, Miscellaneous Property Floater, Motor Truck Cargo, On-Hook Coverages

Limits: $100,000 - $5 Million (Liability)

 

Commercial Transportation

Administered By: Nationwide

Distribution: Direct/Broker

Industries:

Auto Service and Repair, Auto/Car Dealerships, Car Rental/Car Rental Companies, Contractors, Emergency Response Services (Ambulance), Towing Services, Truck Rental/Truck Rental Companies, Waste/Recycling Services

Carriers: Scottsdale Indemnity Co, Scottsdale Insurance Co.

Coverage: Auto Liability , Auto Physical Damage, Cargo, Excess, Garage Keepers Legal Liability, General Liability

Limits:

Specialized Tow Truck Insurance

Administered By: KBK Insurance Group

Distribution: Program Administrator

Industries:

Commercial Auto, Towing Services

Carriers: Plaza Insurance Co.

Coverage: Auto Liability , Commercial Auto, Garage Keepers Legal Liability, General Liability, Hired & Non-Owned Auto, Property

Limits: Up to - $1 Million (AL/GL)

Transportation Business Insurance

Administered By: Liberty Mutual Insurance

Distribution: Carrier Direct

Industries:

Commercial Auto (Public Transportation), Towing Services

Carriers: Liberty Mutual Insurance Co.

Coverage: Auto Liability , Auto Physical Damage, Business Personal Property/Business, Commercial Auto, Equipment Breakdown, General Liability, Inland Marine, Non-Trucking Liability, Pollution Legal Liability, Trailer Interchange, Workers' Compensation

Limits: - - Please Inquire

Trinity Towing Program

Administered By: Trinity Transportation Services

Distribution: Program Administrator

Industries:

Small Businesses, Towing Services

Carriers: Liberty Mutual Insurance Co.

Coverage: Commercial Auto, Commercial Auto (Hired & Non-Owned), Excess, Garage Keepers Legal Liability, General Liability, Inland Marine, Property, Umbrella/Excess

Limits: - - Varies