- Thread starter
- #11
Help with Garage Keeper Insurance
- Thread starter iiinycboi
- Start date
The key phrase "Care, custody and control"
In this particular accident, they would need both garagekeepers and garage liability.
A little light reading for you:
Differences between garage liability and garagekeepers insurance explained.
The purpose of the claim is just to put context to it. To me, everything is easier to understand if you put it in the context of how would this get paid if there was a claim.
Dan
In this particular accident, they would need both garagekeepers and garage liability.
A little light reading for you:
Differences between garage liability and garagekeepers insurance explained.
The purpose of the claim is just to put context to it. To me, everything is easier to understand if you put it in the context of how would this get paid if there was a claim.
Dan
- Thread starter
- #13
ahh... i see. thanks for your help very much appreciated!
i definitely will read this
so the key phrase CARE CUSTODY CONTROL, is an endorsement to make sure their insurer pays the claim? or are we talking about that without garage liability/keeper their insurance would deny this claim?
i definitely will read this
so the key phrase CARE CUSTODY CONTROL, is an endorsement to make sure their insurer pays the claim? or are we talking about that without garage liability/keeper their insurance would deny this claim?
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The answer to your question was at the bottom of the page that I linked to.
Basically, think of garagekeeper as your physical damage coverage, garage liability as, well, as your liability coverage.
To cover the claim I used, you need both. You need to really understand why and how it works before you quote this.
Dan
Basically, think of garagekeeper as your physical damage coverage, garage liability as, well, as your liability coverage.
To cover the claim I used, you need both. You need to really understand why and how it works before you quote this.
Dan
- 264
Not sure why everyone is trying to scare you away from quoting this but...basically, ALL garages I've ever worked with get both garage liability and garagekeepers. In order to quote this you will need to know (at least for most companies):
-liability limit (garage liability)
-garagekeepers limit
-business personal property limit
-building limit (if he owns the building)
-the construction type of the building
-how many full time mechanics vs part time mechanics
-how many full time clerical employees vs part time
-and if he'll need inland marine coverage to cover any large equipment that wouldn't normally be covered (if so, you'll need a list of the equipment)
Hope this helps you at least get started!!
oh, and make sure you add hired/nonowned auto coverage to cover the mechanics who take the cars they work on for a test drive
-liability limit (garage liability)
-garagekeepers limit
-business personal property limit
-building limit (if he owns the building)
-the construction type of the building
-how many full time mechanics vs part time mechanics
-how many full time clerical employees vs part time
-and if he'll need inland marine coverage to cover any large equipment that wouldn't normally be covered (if so, you'll need a list of the equipment)
Hope this helps you at least get started!!
oh, and make sure you add hired/nonowned auto coverage to cover the mechanics who take the cars they work on for a test drive
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G
Guest
Guest
There are a couple of garagekeeper's coverage forms to choose from and each with a different premium. It may be necessary to inform the prospect of the coverage difference as part of explaining the difference between quotes.
Also, depending on the carrier the policy may have a gratuitous limit of insurance for loss to tools owned by employees. If this has not been discussed with the prospect be sure to check this out with the carrier(s) you are using to quote. Have an indication of the additional premium to increase the limit if you are meeting with the prospect to present your quote and the subject comes up.
Also, the shop may be dependent on a air compressor to operate tools and equipment and would have to shut down if the air compressor failed. Check out a boiler and machinery policy to find out how it insures the compressor. On the other hand, the prospect may have the compressor inspected regularly or it can be repaired without too much delay and the prospect doesn't mind being shut down for awhile and paying for the repairs.
Also, depending on the carrier the policy may have a gratuitous limit of insurance for loss to tools owned by employees. If this has not been discussed with the prospect be sure to check this out with the carrier(s) you are using to quote. Have an indication of the additional premium to increase the limit if you are meeting with the prospect to present your quote and the subject comes up.
Also, the shop may be dependent on a air compressor to operate tools and equipment and would have to shut down if the air compressor failed. Check out a boiler and machinery policy to find out how it insures the compressor. On the other hand, the prospect may have the compressor inspected regularly or it can be repaired without too much delay and the prospect doesn't mind being shut down for awhile and paying for the repairs.
- Thread starter
- #17
Thank you guys, this has been a great help. I do want to learn all this before i quote this because i dont want to mess up this coverage. But also i dont want to lose out the chance to quote it.
Also, just fyi i am going thru a E&S GA so she is helping me with this too, but i just wanted to know more information.
This will be a good learning opportunity for me.
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Also, i am bit confused... the prospect is confused lol. They are actually buying and taking over the AAMCO. I thought franchises have their own insurance carriers??
Also, just fyi i am going thru a E&S GA so she is helping me with this too, but i just wanted to know more information.
This will be a good learning opportunity for me.
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Also, i am bit confused... the prospect is confused lol. They are actually buying and taking over the AAMCO. I thought franchises have their own insurance carriers??
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Always inquire of auto shops if they do towing (if they do, that is a big exposure not covered by most standard carriers).
- 561
Exactly what he said!!
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