Charter Bus Insurance

Charter Bus Insurance over the past few years has become very difficult to find to say the least! Many of the insurance carriers and markets in the space have ceased writing this coverage. Why is that?

The claims have become much larger due to the litigation that is becoming overwhelming. Many people sue over the smallest of incidents and unfortunately, many are sticking. With that kind of environment, it makes many insurance carriers scared to write any of these types of business. This leaves you as the owner of a charter bus with less options. It is very important that you have the insurance for your business, but not knowing where to go to get it is pretty rough.

 

Charter Bus Insurance Cost:

Challenging markets cause the charter bus insurance cost to be so much more difficult as well.  Many factors go into insuring a charter bus.  Below are a few of them to consider as you are looking for this insurance.

• How big is your bus?
• How many passengers will your bus have?
• How old is your bus?
• What is the overall condition of your bus?
• What will be the radius you will be operating on your charters?
• Do you have a dash camera on the bus?
• What safety precautions have you taken with the bus?
• Do you need a federal filing for your operation?
• What limit of liability insurance do you need?
• What is the value of your bus?
• How are you keeping passengers safe within the bus?
• How are you qualifying drivers?
• Once drivers are hired what continual training and or monitoring is in place for accountability and safety?

Just in looking at these different questions you can see that underwriting charter bus insurance can be a difficult task and not all are the same in their eyes. They are becoming increasingly picky on who they are willing to bet on and insure. It is more important that you know how to provide the underwriter with these details and make sure they feel comfortable with your operation which is where the importance of utilizing a specialty broker helps ensure success in the underwriting process where outcomes can differ drastically. Insurance is very much about partnership and helping the underwriter to have comfort in you and your company's risk.

How do you get that kind of comfort instilled with an underwriter besides just relaying basic information?  Also, a great question to ask. At Tailored Insurance Group we help make sure your company and insurance submission has color instead of being the industry standard, dull, black, and white paper log that moves subtly from an underwriter's inbox to their trash can where it is to be exiled with no chance to return. Something worth noting on this is the difficulty it is to get a first No into a Yes which is why it is important to select representation as best as possible.

We can help navigate through the difficulties of the markets and get you placed with the best insurance at the best price.  It is crucial that you find a good market and with the few available, you need an agent that can find those.

 

Charter Bus Insurance Program

Many of our customers ask us if there is an actual charter bus insurance program.  We do have access to those, but they are all written through specialized insurance companies, specialty appointed representatives, actual people with relationships that depend on reliability/credibility which is what we have access to and bring to the picture.  Insurance with these carriers is crucial to be able to stay in business.  A program that considers your driver situation and the requirement you have for hiring drivers and keeping the business in good standing is a must.

With these programs the question I receive a lot is what is the cost of charter bus insurance per month?

These questions can vary widely based on your safety maintenance program for your company.  If you have good safety features and good hiring practices, you will get the preferential rates.  It is so important that you have a safety person to manage these parts of the business.  As an owner you can do that or hire someone, but having that taken care of will benefit the very most with your insurance cost.

 

Charter Bus Insurance Carriers

Some of the carriers that are available to insure you are Prime Insurance, Berkshire, National Indemnity, Progressive, and Geico Insurance.  There are also specialized markets that will look at these as needed.  You need to have an agent that knows the different charter bus insurance carriers and can navigate you to the best price.  Knowing is 90% of the battle.

Having a good agent that knows what you need and relays the right information to the underwriter is crucial to making your business a success.

At Tailored Insurance Group we have forged those relationships over time and have built a very good network that can be at your disposal to get your business headed in the right direction.