Passenger transportation companies, such as limousine services, and charter buses, are required to carry liability insurance to protect the business and passengers in case of an accident. Traditional insurance companies may not provide coverage for these types of businesses, especially if they operate in high-risk areas or offer specialized services. This is where excess and surplus (E&S) insurance can help.
Qualifications for Excess & Surplus Lines Insurance
To qualify for E&S insurance, passenger transportation companies must demonstrate that they have exhausted all other insurance options and that they are still unable to obtain sufficient coverage from traditional insurance policies.
In addition, companies must provide a comprehensive risk management plan that addresses potential hazards of their operations and demonstrates how the company is working to minimize those risks.
Frequently Asked Questions About Excess & Surplus Liability
Q: What is the E&S market?
A: The excess & surplus line market is a unique segment of the insurance industry that provides coverage for risks that traditional insurance markets are unwilling or unable to cover. This includes high-risk businesses such as passenger transportation companies where accidents frequently occur.
Q: What does E&S liability cover?
A: E&S liability provides an additional layer of protection for bodily injuries and property damage that may occur during transportation services. This may include coverage for medical expenses, lost wages, and other damages that may result from an accident.
Q: How do I secure E&S coverage?
A: Excess & Surplus liability is available through licensed surplus lines brokers. These brokers specialize in placing coverage with non-admitted insurance carriers and can help companies obtain the coverage they need.
Q: What are the benefits?
A: E&S liability insurance can help protect passenger transportation companies from serious financial loss. This coverage can also help companies meet regulatory requirements and secure contracts with clients that require higher levels of coverage.
Additional Important Information
E&S insurance is regulated by state insurance departments and is only available through licensed surplus lines brokers. It’s essential for passenger transportation companies to carefully review their insurance coverage and ensure that they qualify for excess lines.
Additionally, E&S insurance premiums will vary depending on a variety of factors, including the size of the company, the type of transportation services offered, and the amount of coverage needed.
Explore Your Options With the Help of KF&B
Although navigating the world of insurance may seem intimidating, it’s an essential component of adequately protecting your business, your employees, and your passengers. At KF&B Insurance, we can help you explore your options to see if you qualify for excess transport liability coverage. For more information on how we can protect your passenger transportation company, please contact us today to request a quote.
