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Insurance Co's in NY

Discussion in 'Business Fundamentals' started by RLM, Aug 15, 2013.

  1. RLM

    RLM PlowSite.com Addict
    Messages: 1,270

    I have a feeling we are going to get "non-renewed" by Nationwide. We have been with the for probably 15 years now, no recent claims, never a slip & fall just a couple auto accidents (non-injury, just property damage). Our agent is saying the underwriter doesn't want to see any more than 25% being snow, I told them we are at roughly 60%. We have been having issues (lots of questions)with them issuing certificates for snow for the last couple years. Looking for imput as to what companies cover snow & are decent to work with in NY. Like I said above we have been with this company/agent for a long time.
     
  2. Mike NY

    Mike NY Senior Member
    from zone 5
    Messages: 103

    We have been happy with Erie Ins Co.
     
  3. RLM

    RLM PlowSite.com Addict
    Messages: 1,270

    Got my letter on Friday, I'm covered until November when my policy is up. Erie is one I'm going to be looking at an agent that carries them had called about a year ago, at the time I was happy, gotta call him once I get freed up a bit, I have no idea what he is going to need. My current agent is looking for coverage for me as well.
     
  4. fendt716

    fendt716 Member
    from nw nj
    Messages: 37

    ins. co. view snow removal as very risky business. Our losts are like yours. ins. co. #1 non renewal us because they got out of snow removal business. #2 ins. co. canceled us because we exceeded 25% income and 10% payroll rates. #3 ins. co. canceled us because there is 8 classes of risk. Shopping centers and fast food places fall in at class 2 & 3 to risky rest ok. They want us go to a co. that writes risky ins. price off the wall. #4 utica ok with snow, price very high.Co. 2&3 needed to see every contact to see if it was aceptable no hold harmless aloud. Insurance rules changing big time be ready hand big money to have ins.
     
  5. RLM

    RLM PlowSite.com Addict
    Messages: 1,270

    What do you consider big money.
    Last year for commercial auto, equipment coverage (fire & theft), & liability only. We handed them 13-14% of our gross receipts. All employee related insurances (comp, disability, etc) are handled seperatly and not included in that number.
     
  6. fendt716

    fendt716 Member
    from nw nj
    Messages: 37

    We are at 16%-17% of our gross. snow removal big concern. Because of limited number cos. to chose from. Co. #2 is no longer doing snow. The cos. that write risky ins. We got prices from 2 cos. fastfood 2000.00-3000.00 per site shopping centers 10,000-20,000.00 per site. This is area that gets 26 inches of snow year. we plow 4-6 times salt only runs 6-8 times year. Not enough snow to justify these high ins. rates.
     
  7. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    NY Insurance

    Sorry for the late reply RLM. Most NY insurance carriers do not want to include the snow removal coverage on their GL policies for obvious reasons. We have had a lot of success with a "A" rated/licensed NY regional carrier for larger contractors when it makes sense. They have written coverage for landscapers, masons, hardscape contractors, etc and included the snow removal coverage where the account justified it (no claims and a fairly significant premium of $25K and over). We have not had any success with NYC/5 borough contractors however, just Long Island and Upstate NY... They want to write your entire account also, not just the GL so you would need to move your trucks, umbrella, equipment, over too (they are not interested in WC). Our contract with them prohibits us from dealing with outside agents/brokers so I cannot work with your Nationwide agent. I think this program might be a win/win for you and others in your position. Feel free to contact me to discuss. 516-233-3515 or email BPalmeri@Archerins.com.