So, your insurance policy for your moving and storage operation is up for renewal. What can you expect? Unfortunately, you can count on commercial auto insurance premiums to go up. Why? The simple answer is that the average claim payment in commercial auto liability increased by 39% between 2019 and 2023. This spike is due…
Q & A with Brandon Laam
VP of MOVER’S CHOICE Insurance Program For Moving and Storage Operations Are you seeing any trends in the types of operations you’re insuring? Absolutely. Over the past few years, we’ve seen many movers diversify their operations to include services, such as junk hauling, temporary storage pods, high valued art, specialized packing and unpacking services, and…
5 Coverages for Moving Companies Considering a National Van Line Affiliation
by Terri Moran I was speaking with my contact at a national van liner the other day, and she mentioned that they often run into problems with insurance coverage when they are recruiting and signing up independent moving companies. If movers have not been affiliated previously with a van line, they may not have carried…
Underwriter’s Corner: Named Insureds Inconsistency
With 30 years of insuring Moving & Storage risks, we do see various trends that may appear minor, but actually have large implications down the road. One recent trend that we’d like to share with our insured clients and affiliated brokers is the matching of the ‘named insureds’ listed on the policy, compared to the ‘named…
Is Truck Rental Reimbursement Coverage Necessary in a Not-at-Fault Accident?
This is a question I hear frequently and one that doesn’t always have an obvious answer. Let’s take a look at a recent claim to highlight the nuances of this coverage. One of our Moving & Storage insureds was in a no-fault accident. They had not purchased any rental reimbursement, instead relying on the Uninsured…
How an Underwriter Assesses a Moving Company’s Financial Stability
Have you ever wondered why insurance companies require an annual financial statement? What are they looking for and how does this information fit? The primary reasons that financials are an integral part of the underwriting process is to identify and red flag accounts with a poor financial outlook. Accounts with a poor financial outlook are…