NJ Insurance Liability Law – Impacts for Movers The new legislation raising the minimum amount of liability coverage to $1.5 million for commercial motor vehicles weighing more than 26,000 pounds, will have short- and long-term impacts for New Jersey movers, insurers and consumers. In addition, it is unclear how this law impacts vehicles owned 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…
What is the difference between an Umbrella and an Excess policy, and how do you complete a Certificate of Insurance?
Umbrella and Excess policies both provide increased limits over the underlying policy. In some instances an Umbrella policy may drop down and provide coverage where there is no coverage in place, usually subject to a Self-Insured Retention (SIR.) An Excess policy will only respond when an underlying policy responds. Examples of when you might see…
How Can Moving & Storage Operations Lower the Risk of Catalytic Converter Theft?
How Can Moving & Storage Operations Lower the Risk of Catalytic Converter Theft? Can this be Covered Under Inland Marine? One of our broker partners asked this question for their insured who had several catalytic converters stolen TWICE – on two separate occasions in less than 6 months! First, the coverage is not provided under…
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…