Car Wash Insurance in Oklahoma

[trentu]

There was a thread about money saving changes but I couldn't find it so thought I would post this in general. There is a new car wash underwriter (MacNeil, I think is the name they go by) out there that saved me over 30% on premiums as they focus on the car wash industry.
The insurance guy writing for them in Oklahoma is Hinson out of Prague, OK. http://hinsoninsurance.com/
Guys name is Darren, tell him Russ sent you.
Not sure who is writing for MacNeil (really not sure if that is spelling, we met them at the ICA show in Vegas last year) in other states but I would try to check it out, only time I have ever had to answer a car wash questionaire and then saved money based on it.

 

[Earl Weiss]

I know nothing about these guys.

See below about what to consider.

Can't speak for every state as to how it works but caution needs to be exercised. Some underwriters are called surplus and excess lines carriers which cover difficult risks. Had a client with a building in a bad area that used one. As such they don't need to be "Licensed" in the state. Not being licensed they do not participate in the state guaranty fund that covers claims if the carrier is liquidated. Guy had a gas explosion in the building. Carrier went bust. He was personaly on the hook for the injury claims.

Don't let the agent sell you by telling you how highly rated the company is. I just ask the agent if they will open their personal checkbook and pay the claim if the carrier goes bust. They never say yes.

I have had situations where using such a carrier would have saved me 15%. AFAIAC it was not worth it.

 

[trentu]

So how do I check into that? The state would let me know if the underwriter's were "licensed"?

 

[Randy]

I would think this would be a good place to start to see if the broker or company is licensed to do business in Oklahoma. http://www.ok.gov/oid/

 

[Washmee]

This is why it's so important to develop a good relationship with a local broker. They can help you decide what kind of coverage makes sense for your particular operation. Buying insurance coverage based on price alone can be risky proposition. On of the major points that I think is essential in the car wash business is knowing whether your coverage is direct pay or legal liability type. It sounds like your previous coverage was direct pay, which in my opinion puts too much power in the hands of the insurance company. That's why they just paid those iffy claims instead of looking out for your best interest in the long run. Legal liability type coverage is a little more expensive, but you have much more discretion on what claims get paid and how they are paid. Whoever you end up with for coverage I would suggest you bring this topic into the discussion when you decide what type of plan you need. Good luck.

 

[Earl Weiss]

So how do I check into that? The state would let me know if the underwriter's were "licensed"?

I would start by asking the agent or broker. You could also check your state department that regulates ins.