Insur-Fi Trucking Product Launch

Dan presented Insur-fi's wholesale insurance offerings, focusing on trucking operations and cargo insurance. He explained their three main products: auto and physical damage, motor truck cargo, and non-trucking liability, with plans to add liability coverage soon. Dan emphasized Insurify's speed to market and flexibility with submission requirements, accepting applications from various carriers and requiring only a full fleet schedule, driver information, MVR or driver history, and current loss runs. The presentation concluded with a call for questions, with Dan and support staff available to address concerns.

 

The team discussed various insurance-related questions, including cargo coverage availability, carrier coverage areas, and specific coverage limitations for dump trucks and auto haulers. Dan clarified that while CSL for AL is not currently available, cargo insurance is available across the lower 48 states with some exceptions for domicile locations. He also explained that dump truck coverage is limited to non-hazardous materials like sand and gravel, and auto haulers must be dedicated to that service. The discussion also touched on the topic of verified loss runs (VLR), which Dan confirmed was the correct term.

 

Dan discussed the criteria for evaluating drivers, emphasizing the importance of management experience and the preference for accounts with at least three years of history, though exceptions are made for new ventures and startups. He clarified that the company does not focus on lost runs for new accounts and weighs driver experience more heavily. Dan also addressed questions about New York operations, noting that the company is more interested in areas outside the boroughs, such as Albany and Syracuse, due to the high costs associated with the New York City metro area. He mentioned that there is no specific form for exclusions and encouraged questions via email, as the company is still learning about certain carriers. Dan also clarified that the company does not handle last-mile delivery and allows international driver's licenses only for Canadian and Mexican licenses. He confirmed that new ventures are eligible for full discounts and that Amazon is permitted, with pricing based on standard rates.

 

The team discussed specific freight classification requirements, with Dan emphasizing the need to avoid general freight descriptions and instead specify categories like grocery or construction equipment. Dan clarified that the coverage applies to fleets of 1 to 500 units and confirmed the ability to handle filings, except for cargo operations with non-admitted carriers in Illinois, where ENS coverage is not recognized. Dan agreed to follow up offline with Frank regarding a specific question and committed to providing further clarification on driver requirements.

 

Dan discussed market availability for various insurance products, noting tight conditions due to lack of targeting. He clarified that they do not cover tow trucks, new drivers, or delivery and home movers, but confirmed coverage for owned goods manufacturing and delivery under one company. Dan also addressed non-trucking liability for truck owner-operators and cargo limits, mentioning that carriers are being checked for trip charges. He mentioned that they are currently exploring auto liability carriers through a broker, with Everspan being unavailable, and will update as more information becomes available.

 

Dan discussed insurance details for owner-operators, noting that PD percentages range from 4-5.5% for established accounts and 5.75-6% for new ventures, with a base cargo premium of $1,000 per unit. He explained that turnaround times are typically same-day for non-fleet accounts up to 10 units, 72 hours for 10-25 units, and three days for larger accounts, with MVRs running upon bind request. Dan also mentioned that they are working on offering BIPD liability insurance and will check on requirements for trucks with buckets.

 

Dan discussed the requirements for foreign driver licenses, noting that only Canadian or Mexican licenses are acceptable. He explained that out-of-state driver licenses are generally fine, but operations with drivers in significantly different locations may need a detailed narrative explaining the rationale. Dan also covered other topics, including the maximum number of power units (500), the acceptance of moving companies, and the requirement of 2 years for CDL. He mentioned that their carriers are competitive in California but not the lowest or highest priced, and they do not handle final-mile delivery for Amazon but are open to warehouse-to-warehouse operations. Dan emphasized the need for detailed narratives for certain operations and mentioned that driver history checks would be conducted automatically upon receiving a bind request, which could affect pricing.

 

The meeting focused on discussing various transportation and logistics services offered by the company. Dan provided detailed information about their capabilities, including hotshot services, general freight, wholesale distribution, and specific requirements for different types of transportation. He clarified that they do not offer commercial snow plowing, last-mile delivery, or certain types of specialized transport. Dan also outlined their insurance offerings, including non-trucking liability and specific requirements for different vehicles and operations. The conversation ended with Dan providing contact information and emphasizing that questions could be directed to him via email.