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Tag: dealership insurance

GARAGE LIABILITY 101

Insurance is complicated and expensive. Dealership Insurance can be extremely complicated and very expensive.   At Dealer Risk Services, we provide insurance expertise to the Automotive Industry.  We do this in 3 ways:  Risk Management, Product Development and Education.   We have Developed a series of info blasts to provide you with the tools you …

SHOPPING FOR GARAGE INSURANCE – WHERE DO WE BEGIN?

The very best place to begin with any marketing effort is to identify the potential insurers for a Dealership of your scope, size and location. The next part is to map out your specific coverage needs.   Both of these areas may require outside expertise and advice.   The garage insurance marketplace can include both national …

WHAT FACTORS MAKE PREMIUMS FLUCTUATE

As we have discussed previously, the main premium driver for individual risks is claims. Hands down, this is the major element underwriters use in calculating insurance costs.  However, there are other factors that cause the variances we see in premiums.   You have heard that the insurance market is cyclic. This is certainly true.  There …

THE RELATIONSHIP BETWEEN CLAIMS AND PREMIUMS

As a young Account Executive with Universal Underwriters I got a taste of how garage premiums are truly developed.  I had worked the employee rating factors on an account and presented both the worksheet and the Loss History to my Division Underwriter for review.  “Let’s see,” he said.   Then he did something that surprised …

A PROPERTY INSURANCE REVIEW

For those of us operating businesses on the East coast or Gulf coast states, it’s officially Hurricane Season.  In fact, we’ve already had an early Tropical Storm and enough rain in areas to sufficiently soak the ground. So, before the succession of summer storms begins to roll our way, take time to review your Property …