Freight broker insurance

[youngtea]

Hi everyone,


I'm currently exploring alternative options for freight broker insurance. We've been with NFP for a while, but despite having no claims, our premiums have been increasing year over year.


If anyone has recommendations for reliable and competitively priced insurance providers, I’d really appreciate your input.


Thanks in advance!

 

[loaders]

Unfortunately, regardless of which insurer you are with, a claims free record is not usually reflected in your premiums. One would think that your company’s loss ratio (the amount paid out in claims versus what the insurance company has collected in premiums) would determine the annual rate. If you have a crappy loss ratio then sure, that’s what they will tell you is the reason for the increase. However if you have an excellent loss ratio, like zero, then the reason for your increase is most likely to be something more global in nature. A devastating hurricane perhaps, or terrible flooding somewhere in the world that has cost insurance companies millions, if not billions of dollars. What I have found to be the only way to reduce premiums, or at least keep them steady, is to self insure by continually increasing the deductible amount. You could reach out to Marsh Canada who we are with for a quote, however I am doubtful if they have any “deals” available. Good luck.

 

[Nawk]

We work with Marsh for our Freight Brokerage division and while they understand the trucking and freight brokerage space better than most (which makes them easier to deal with when you do have an incident)... as loaders said... their not handing out discount coupons when you sign on.

Banks and insurance companies hate truckers... always have... always will.

Cheap isn't good... and good isn't cheap.

 

[Ins-Broker]

Hi everyone,


I'm currently exploring alternative options for freight broker insurance. We've been with NFP for a while, but despite having no claims, our premiums have been increasing year over year.


If anyone has recommendations for reliable and competitively priced insurance providers, I’d really appreciate your input.


Thanks in advance!

If you still have time to renew, I can review your policies to see if a better premium can be obtained!