Insuring Contractors Equipment. Webinar Audio Dial: (855) Access Code:

Transcription

1 Insuring Contractors Equipment Webinar Audio Dial: (855) Access Code:

2 Introductions Mary Stiglic, CIC, Marketing Manager More than 18 years experience with builders risk Licensed property and casualty agent Holds CIC designation Nick Morris, Underwriter More than 12 years of industry experience Specializes in contractors equipment coverage 2

3 Webinar Resources A recording of this webinar and a copy of the presentation will be provided via . 3

4 Meet US Assure We manage, distribute and service programs for leading carriers in the construction and property insurance market. We help our clients assure success by realizing opportunity and growing revenue. 4

5 Connecting Opportunity for Distributors The Right Timing The Right Coverage The Right Solution Agents and Brokers: Looking to match opportunities with the best solutions Connector: Providing access to builders risk and property programs And Other World Class Carriers: Looking to provide solutions to new opportunities 5

6 Our Portfolio of Programs Builders Risk Residential and commercial New construction, remodeling and installation Property Contractors equipment Vacant structures Rental dwellings 6

7 Contractors Equipment Property Program

8 Product Overview Rate, quote and issue online Insured by Zurich Available nationwide on an admitted basis Automated renewal process Minimum premium starting at $500 Direct billing with electronic payment options No premium commitment 8

9 Covered Equipment Examples Backhoes Bulldozers Compressors Graders Landscaping Loaders Power Shovels Tractors/Mules

10 Broad Eligibility for Operations Agricultural farming operations Auto salvage yard Contractor Excavation Concrete construction Highway Landfill Landscape Municipalities Paving Recycling center Retail store Sewer and water main construction Street and road construction and paving Wholesale store

11 Policy Highlights Scheduled values up to $10 million, up to $500,000 per item Sold on a stand-alone basis Scheduled or blanket policies available Blanket policies must be 25 items or more with item values over $1,000 Blanket policies will refer to underwriting Replacement cost and actual cash value available at 80% coinsurance Replacement cost provided on equipment five years old or newer Actual cash value provided on equipment over five years old 11

12 Underwriting Guidelines Insured must have two years experience operating covered equipment Complete description of equipment No property leased, loaned or rented to others No waterborne property Equipment valued over $50,000 require additional underwriting review 12

13 Automatic Built In Policy Coverages Option 1 Option 2 Option 3 Additional Debris Removal Expense $5,000 $25,000 $50,000 Expediting Expenses $1,000 $25,000 $50,000 Fire Department Service Charges $10,000 $25,000 $25,000 Newly Purchased Up to 60 days Inventory and Appraisals $10,000 $25,000 $25,000 Recharge Fire Extinguishing Equipment $1,000 $25,000 $25,000 Reward: Recovery of Stolen Equipment $10,000 $10,000 $10,000 Minimum Premium Included $250 $350 13

14 Optional Additional Coverages Borrowed contractor equipment Employee tools and work clothing Non-owned/rental equipment Pollution clean-up and removal Rental reimbursement Spare parts and fuel Unscheduled equipment 14

15 Protective Measures for Mitigating Risk Exposures

16 Top 10 Equipment Types Stolen 1. Mowers 2. Tractors 3. Skid Steer Loaders 4. Backhoe 5. Forklift 6. Excavators 7. Welders/Generators/Compressors 8. Wheel Loaders 9. Bulldozers 10. Brush Chipperz 16

17 Top 10 Equipment Brands Stolen John Deere 2. Kubota 3. Bobcat 4. Caterpillar 5. Toro 6. Case 7. Husqvarna 8. Craftsman 9. Exmark 10.Cub Cadet

18 Top 10 Areas for Equipment Theft 18 States: 1. Texas 2. North Carolina 3. Florida 4. California 5. South Carolina 6. Georgia 7. Tennessee 8. Oklahoma 9. Alabama 10.Arkansas Cities: 1. Houston, TX 2. Oklahoma City, OK 3. San Antonio, TX 4. Miami, FL 5. West Palm Beach, FL 6. Conroe, TX 7. San Diego, CA 8. Charlotte, NC 9. Tacoma, WA 10.Orlando, FL

19 Common Loss Sources Theft or vandalism Unsecure jobsites or remote locations Fire Poor maintenance could lead to equipment fire Upset or overturn Often caused by uneven load lift, unstable footing, etc. Lack of training 19

20 6 Protective Measures for Construction Clients Risk assessment Analyze equipment at risk 2. Inventory all equipment Manufacturer, model number, serial or VIN, photos, location of equipment 3. Identify equipment Mark parts that can be disassembled in both visible and non-visible locations 4. Equipment protection Kill switches or immobilzers GPS or Lojack sytems Remove fuses or critical parts 5. Site protection Fencing, lighting, closed circuit TV cameras or security guard 6. Managing change Keep practices current Plan and coordinate handling of equipment

21 Equipment Theft Statistics Estimated $400 million in construction equipment is reported stolen each year in the United States Only 23% of stolen equipment was recovered in 2014 No DMV for equipment registration NER provides resource to register equipment so the owner can be identified Learn More about the *National Equipment Register ( 21 * National Equipment Register is not a subsidiary or affiliate of Zurich and use of their products and services are independent of, and not included within, Zurich s products or services.

22 Equipment Theft Prevention Service 22 Help Tech - Equipment registration service Iron Watch - Theft mitigation and recovery assistance GPS tracking Iron Check verify if equipment was stolen before purchasing Available to Zurich customers with contractors equipment policy Preferred pricing 20 percent discount More information at ner.net/movie Learn More about the *National Equipment Register (

23 Source References 1. National Equipment Register and National Insurance Crime Bureau: 2013 Heavy Equipment Theft Report, November Equipment Theft Quarterly (Third Quarter 2012): National Equipment Register Web. 18 Dec Gwynn, Mike; Engels, Franscois; Green, Neville; Henry, Jean-Claude; and Kellow, John. Theft of Construction Plant & Equipment. The International Association of Engineering Insurers (IMIA), Web. 18 Dec National Equipment Register: 2003 Heavy Equipment Theft Report. New York, NY: NER, January The Inland Marine Underwriters Association (IMUA). Contractor s Equipment Guide to Loss Prevention, Part One: Security. New York, NY: IMUA Loss Prevention & Control/Claims Committee, Zurich Risktopic. Theft Protection for Contractor s Equipment

24 How to Issue Online

25 Accessing the Policy Issuance Platform Visit usassure.com 25

26 Register in 4 easy steps at usassure.com 26 New to US Assure? Complete the online registration form for same day product access with no premium commitment required.

27 Rate, Quote and Issue Online 27 After logging in, start here to quickly begin the policy issuance process.

28 Question and Answer Session

29 Win a Fantasy Florida Getaway! Enter your office: myflgetaway.usassure.com Includes: FREE vacation for two to Ponte Vedra Beach, Florida Accommodations at a five-diamond resort destination How to Win: Submit and issue commercial builders risk valued up to $50M

30 Your Partner for Builders Risk Insurance Quote and issue policies online usassure.com Contact one of our 50+ specialists (800) Join a local event or another online session usassure.com/events Follow us Linkedin.com/company/us-assure 30

31 About Our Products This presentation is intended as a general description of the types of insurance products available through US Assure. Any description of policy provisions is intended to give a broad overview of coverages and does not revise or amend a policy. The policy contains the specific details of the coverages, terms, conditions and exclusions. Some products may not be available in all states and may only be offered on a non admitted basis. Product availability is subject to change. Please contact an underwriter for a risk specific inquiry. 31