NorthBridge Insurance

[Henry]

Has anyone received rate hikes on their fleet with NorthBridge Insurance? Any recommendations for other insurers?

 

[Trans]

Ofcourse we did broker said everyone's premiums are going up due to insurance companies reporting losses.........

 

[thebluffs1]

Has anyone received rate hikes on their fleet with NorthBridge Insurance? Any recommendations for other insurers?

Its pretty much par for the course right now. Northbridge's mad rush to insure new entrants appears to now be "reaping the whirlwind" of their earlier underwriting decisions.

 

[bellcitytransport]

Has anyone received rate hikes on their fleet with NorthBridge Insurance? Any recommendations for other insurers?

Our US exposure was higher than what they like to see, and our renewal rate reflected such. If you have a good relationship with your broker, it might be time to test the waters..

 

[Millennial]

If you run a tight ship...look into captives; Puts you in a pool with like-minded, safety-conscious and also accountable carriers

 

[TRKINSURE]

Agreed with Milennial, look at captives if you’re steadily running 30-40 units for multiple years.

Read my thread titled “State of the Industry”. NorthBridge is always expensive for fleets with high US exposure and yes, they’re averaging 18% rate increases this year.

PM me if you want up to date intel on markets.

 

[Trans]

Northbridge is doing return premiums for any parked trucks. Due to COVID, they lifted the 45 days minimum requirement. So go ahead put it on hold for as long you want.

 

[ferrari]

Good to know. Thanks Trans.

 

[LOADED MILES]

Captives are the way to go. The general insurance paints good bad and ugly carriers with same brush. Trucking is high risk to insure you all pay for the bad and ugly . Captives help pool safety minded carriers togther . You have a good year you get rebates . Have safe years get little back. Insurance companies don’t normally give you a cheque at end of term. Usually another 10 precent increase