CTANJ President Mike Rose
On Monday, November 11, the Chauffeured Transportation Association of New Jersey (CTANJ), formerly the Limousine Association of New Jersey, held a Zoom webinar entitled Insurance Renewals: Best Practices and Market Trends for their membership. Attracting dozens of members from around the Tri-State Region, the online session addressed the current rise in fleet insurance rates and the reasons behind it, as well as some ways that operators can save money. CTANJ President Mike Rose of My Limousine Service kicked off the event and said that it’s the association’s intention for this to be the first of many webinars designed to educate the industry.
The proceedings got off to a prompt start as a panel of insurance experts was introduced by Rose, including Ken Lucci of Driving Transactions (who served as moderator), Tim Delaney of Lancer Insurance, Mike Marroccoli of EPIC Insurance, and John Arone of Acrisure. Lucci set the stage by stating that insurance prices are firmly placed among the top three reasons that operators are looking to get out of the industry. He offered an overview explaining why fleet insurance is so pricey and detailed solutions for how to plan for and manage insurance increases.
Moderator Ken Lucci of Driving Transactions
In his segment called A Carrier’s Perspective, Delaney further elucidated on the why rates are increasing, making note of the fact that the industry is seeing more (and costlier) accidents. He then advised operators to “choose your partners wisely,” whether it’s insurance brokers, affiliates, or even chauffeurs. Delaney recommended that fleet owners take action to prevent claims, namely always remaining in compliance.
Tim Delaney of Lancer Insurance
Next, Marroccoli and Arone offered a number of insurance buying tips for operators. They stressed the importance of finding the right broker, and carefully reviewing loss runs. The pair suggested that fleet operators begin the search process for the best rates 60-90 days before renewal. They also advised operators to consider higher deductibles and expanded on Delaney’s point that it’s imperative to make certain that you’re in compliance with all safety regulations. Marroccoli and Arone also discussed best practices for maintaining rates and changing your company culture to appeal to insurance companies.
Mike Marroccoli of EPIC Insurance
Before closing with a Q&A session, Rose provided an overview of the recently drafted National Limousine Association Best Practices for Commercial Auto Liability Insurance guidelines. Created by a team of association leaders and distributed during the Association Summit at the Fall CD/NLA Show, this guide offers a detailed initiative to prepare for insurance renewal while also advocating for insurance reform. Rose highlighted some of the document’s most useful elements for operators, including creating and maintaining a culture of safety and robust tips to address when prepping your renewal.
Visit ctanj.org or their previous website, lanj.org, for more information.
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