Business Insurance

[jeff s]

Anyone have a good insurance carrier for this type of business?

My current company is not willing to re-new due to the value of the cars we work on, also they dont like the fact we modify things. I have a Garage Keepers policy, but they look at my website and freakout.
I'm up to about 30 no quotes right now with numerous name brand insurance companies.

I'm mainly interested knowing who other businesses here are using?
And how you are presenting your business to them?
Thanks

[jy211]

Loyds of London?

[Mkelcy]

You might try talking to a higher end insurance broker like Arthur J. Gallagher, they are national and would at least know what insurance products are out there.

[jeff s]

I'll check with them. No other builders here wanna talk about what you're doing?

[andrewb70]

..... No other builders here wanna talk about what you're doing?

Keeping their fingers crossed?

Andrew

[Jim Nilsen]

Have you talked to Continental Western? they have my car policy and do a lot of other insurance like farmers with equipment and shops, they might have something that fits your situation. Farming is considered the high risk area in insurance. Their eqipment is as costly and expensive to replace or fix and just as dangerous to operate and work on.

The phone#800-533-0303 or 507 383-9561

Goodluck

[Bigblue73]

If the other builders don't want to talk about what they are doing...they probably are not insured for it. I would place you the same realm as a DSE that is producing production chassis'. The car build can't be different that any other body shop say that specializes on Ferrari's, Porsche, Mercedes. Am I wrong here.

I have to recommend Federated Insurance. They are base out of Minneapolis and feature huge benefits to the organization that I work for. Just make sure that you have proper documentation in place - safety procedures and such since you are shopping. You will go through an interview process after they give you a quote so keep that in mind. PM me if you need help on your safety items. I've done a very comprehesive manual for the company that I work for and it answers all the questions and meets the OSHA standards.

Other than that, have you checked with a local broker near you?

Good luck.

[WEAVER]

I have had Travelers for awhile, so far no problems.I'm up for renewal in July,I'm going to check around myself for the best coverage and price.I know what you mean about the cars,I have at least 800 to a million dollars worth a cars in the shop all the time.Kinda freaks the agents out

[rat_rod_russell]

Grundy has a Hot Rod Shop Program we just got setup for. 500k for each project in your shop plus all the other normal stuff.

-Russell
Hot Rod Jim's

[Patrick]

Almost every insurance company is going to exclude modifying/altering an oem part and fabrication altogether. Once the shop has modified, altered, or fabricated a part-- they become the manufacturer.

A VERY BROAD OVERVIEW:
Typically if a part fails and a claim or lawsuit is brought against the shop-- the shop submits the claim to the insurance company. If it is an oem part (for example) the insurance company would look to the manufacturer to pony up...Thus the exposure to the insurance company is limited. Now let's say that the shop fabricated a set of control arms. And said control arms fail. Guess who the manufacturer is? You got it -- the shop. Insurance companies get real nervous in the steering, braking, and suspension areas. Some insurance companies may cover you as long as you use "bolt on" kits or systems that are installed per manufacturers instructions.

If you do get someone to write the coverage make sure you read the exclusions closely--very closely. Federated will sometimes write coverage that will include covering liabilities discussed above but with a larger deductible ie $50k.

Feel free to give me a call to discuss more if you wish.
407-212-0006

Patrick

[oestek]

Jeff, don't forget that SEMA offers business insurance for its members... I think you can find some info on their website. It seems like a pretty good deal compared to some of the other crazy rates out there.

[ProdigyCustoms]

Patrick is The Man! handles all my insurance needs.