Limo Insurance Expert Stresses Long-Term Relationships

Tim Delaney explains how operators can protect themselves from the dizzying price swings that often occur in the area of specialty insurance.

Senior Executive Vice President for the Lancer Insurance Company’s Passenger Transportation Underwriting Division, Timothy Delaney is one of the foremost experts on the subject of transportation insurance in the country. With more than 25 years of hands-on experience in the limousine transportation and limo insurance industries, Mr. Delaney is well aware that developing a partnership with clients is an excellent way to help them operate their businesses more safely, more efficiently and more profitably.

Chasing The Lowest Price

He was recently interviewed by Jim Luff of Limousine, Charter & Tour Magazine after a presentation he made at the 2011 International LCT Show. The topic, “How To Get The Max From Your Premium Insurance Dollars,” is an analysis of how operators can protect themselves from the dizzying price swings that often occur in the area of specialty insurance including limo insurance. Tim explained that limousine, bus and van companies, which carry many passengers at once, can be faced with claims that reach $5 million, the liability limit that many transportation companies purchase. So if insurance providers who are less experienced in the specialized needs of passenger transportation companies have priced their premiums low in order to bring in business, they’re in for a rude awakening when they realize they failed to factor in the huge claim payments associated with a serious accident, and their premium intake is nowhere near enough to be paying those claims. Suddenly, the affected companies need to raise their premiums dramatically, and many of their policyholders just aren’t prepared to absorb those increased costs.

Build Long-Term Relationships

Loyalty is one of the most important elements of a long-term relationship between your insurance company and your policyholders, and Mr. Delaney says that this one fact is a very large part of Lancer’s success. By charging fair, actuarially sound premiums, aggressively tackling the claims process from the moment an accident happens to final outcome, and reinforcing Lancer’s total commitment to the safety of its policyholders by offering many free and exclusive chauffeur training and safety products, Lancer has an excellent record of long-term client retention. It’s no wonder that the Ward Group recently named Lancer one of the 50 top-performing P&C Insurers for 2011 in the U.S., “setting the bar for excellence and demonstrating a high threshold of safety and consistency.”