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19 Feb Towing Insurance for Companies in Need
We Say “Yes” When Others Say “No”
In good economic conditions or bad, the towing and repossession industries have seen significant growth. While good news for business owners, there are yet considerable dangers inherent in getting the job done. A man fires at repo agents trying to repossess his car. Repo agents are sent to the hospital after attempting to repossess a motorcycle and vehicle. Unfortunately, these headlines are “all in a day’s work.” And while repossession work often deals closely with legal codes and restrictions, even the best of intentioned repo professionals can open themselves up to situations where they could be charged with violations, not to mention property or bodily injury. How, then, does the repo agent or towing company protect itself? Easy, with towing insurance.
Liability insurance is your best protection. However, in today’s world, it has become more and more difficult to find a good insurance partner, especially when trying to get towing and/or repossession insurance. Most markets only have a couple of carriers that are even willing to write these risks. This can sometimes lead you to a company that is not *A.M. Best “A” Rated, leaving you vulnerable with certain contracts you already have or are trying to secure. It’s even harder to find a carrier who can write all the pieces of insurance that you need to operate your business. Couple all this with a few claims and your options become less and less. Fortunately, XINSURANCE is changing all that.
XINSURANCE is powered by Evolution Insurance Brokers, Inc., an insurance brokerage backed by the strength of Prime Insurance Company, an excess and surplus lines carrier. The excess and surplus market (E&S) provides coverage when standard insurance carries cannot or will not provide it. Fact is, without the E&S market, many businesses like repo/towing companies would be forced to go uninsured or self-insure their risk exposure, which means they’re on their own if an incident, claim or lawsuit occurs.
XINSURANCE has a solid foundation in place, as Prime Insurance Company is a financially stable insurance company, rated “A” by A.M. Best. Prime has offices in Salt Lake City, Utah, Chicago, Illinois and Naples, Florida, and is in exceptionally good company — with strategic relationships with some of the world’s premier insurance organizations, including Lloyd’s of London, Gen Re and RLI.
An Industry “First”
XINSURANCE offers 30+ years of diversified underwriting experience for difficult risks in all 50 states, including commercial and garage liability, personal lines, commercial auto (not available in all states), specialty and professional liability. XINSURANCE offers flexible underwriting, risk management expertise, and outstanding claims results for difficult risks, with consideration for good risk management practices. Yet it is perhaps our “All-in-One-Approach” that makes us a standout in the marketplace.
It’s a unique “Buy Like a Pro” approach that that provides all risks with a $10 million limit in-house, with higher limits quoted within 48 hours after obtaining reinsurance quotes. Coverage for property, general liability, professional, and specialty liability including excess medical and auto (including trucks, buses, trailers, and vans), all fall under one policy.
Deep Understanding of Repo/Towing
Specifically, what does XINSURANCE bring to the repo and towing table? We provide Business Auto (not available in all states), Drive Away, Commercial General Liability, Commercial Auto Liability, Garage Keeper’s Legal Liability (GKLL)/Garage Keeper’s Direct Primary (GKDP), Package or Mono-line, property, on-hook towing, and assault and battery.
We also understand that when a vehicle has been towed or repossessed, there’s no way to know the kinds of damage that could occur during the transportation or holding period. Our goal is to provide coverage for those gaps to those who need it most where regular insurance companies do not — including risks in the transportation of goods, firearms, active shooter, wind, flood, personal liability risks of employees, security personnel, as well as animal liability risks associated with guard and watchdogs.
Direct Access to Decision Makers
XINSURANCE also gives you the added advantage of working directly with the decision makers, underwriters, risk managers, and claims specialists — unlike with many other insurance companies. Your XINSURANCE team is all under one roof, working to provide you with exceptional expertise and service.
Your Claims Partner
XINSURANCE will also go the distance for you if an incident or claim occurs. XINSURANCE provides a team of attorneys who will defend you aggressively in court and represent you in mediations with in-depth management expertise. We have decades of experience in investigating and documenting claims, with extraordinary claims knowledge of state, local, and federal legislation. We boast a nationwide network of adjusters, inspectors, and other legal professionals, as well as in-house legal experts that work with the insured and producers to establish a claim and go through the process. Court costs, penalties, fees, bonds, expert witnesses, appeals or any out-of-pocket expenses are covered in the premium. If the judgment isn’t decided in your favor, we’ll pay the claim, based on your policy provisions and limits.
Keeping Businesses Open
XINSURANCE has a true commitment to fair and frequent communications in order to provide the best coverage, service and outcome. We initiate a partnership approach that begins with a telephone call to discuss and confirm our shared goals and interests on the risk. We perform on-site inspections, and offer valuable insight into safe practices, procedures and guidelines.
For example, a Florida waste management company was dropped by its insurance company after a series of accidents. No one would write them except XINSURANCE. The business managed to keep their doors open, and thanks to a safety program created by our team, their drivers were safe, and their productivity improved. According to the owner, “They’re willing to take the time to learn our business and listen to us, and very fortunate that XINSURANCE came through and was willing to take the risk. Without XINSURANCE, we probably wouldn’t be here today.”
XINSURANCE also partnered with a towing company in Miami that works with the highway patrol and the Department of Transportation. After a small incident, XINSURANCE got involved step-by-step, paid the losses, made sure the company was secure and the equipment was correct. XINSURANCE provided welcome relieve to the owner. “I didn’t have to worry about anything in my business, because my insurance was handling the loss.”
Success stories like these are no exception at XINSURANCE because XINSURANCE is proud to be there for towing and repo companies when other insurance companies simply are not. It’s what makes XINSURANCE a preferred provider for specialty liability insurance.
Declined? Canceled? That’s Our Specialty
If you’ve been declined, non-renewed or canceled after an audit, or feel your business is misunderstood by the insurance industry, XINSURANCE can help. We can take over existing claims, even underwriting and/or buying into current litigations. For more than three decades, XINSURANCE has worked with thousands of insureds across the United States and consistently received high customer service reviews. Let us show you how we can help your business. For more information, please contact Rick J. Lindsey, CEO and President at
RJL@primeis.com or phone 801-304-5510.
Photos courtesy of Downtown Towing
*For latest ratings visit www.ambest.com
We will be hosting a webinar for The American Recovery Association (ARA) members on February 21st, 2019 at 1:00 p.m. CST. Entitled “Don’t Tell Me That! What Not to Say to your Insurance Company,” our presenter will be Mike Fennell, Vice President of Underwriting at XINSURANCE, with assistance from Support Specialist Ben Hogan. Make sure you tune into what will be an insightful discussion!
This monthly one-hour webinar series offers education about the latest recovery laws and regulations, compliance policies, industry issues, and more. These presentations are geared towards owners, managers, employees, and field agents.
Event – Florida Tow Show
We will be exhibiting at the Florida Tow Show in Lake Buena Vista. Please visit booth #343 to meet with our SVP of Underwriting, Parker Lindsey!