Insurance is a ubiquitous hot button topic in our industry. In addition to consistently rising rates, the insurance industry is constantly evolving, with new parameters for coverage and what is expected from operators.
Last week, Bill Faeth of Limo University hosted a livestream entitled "Insurance: What to Expect in 2022.” This session, featuring Nathan Spears of SouthPoint Risk Advisors and Mike Marroccoli of LimoInsurers, provided valuable information to help operators prepare for the coming year. The two experts offered valuable advice and shared their opinion about what luxury ground transportation businesses are currently experiencing in the marketplace and what they can expect in the future.
Timely topics addressed included the recent closure of Global Liberty Insurance, and how that will immediately affect operators, particularly in the Northeast. Also discussed, of course, was the increase in rates, which often equate to 10-20 percent annually for the average operator (honestly, what costs aren’t going up?). The importance of in-vehicle camera systems was emphasized during the livestream, with Spears and Marroccoli sharing that the $150 investment of a camera can ultimately save a company thousands, if not millions, of dollars in the long run.
If you’re an NLA member who missed the event, you can click below to access the recording in the NLA's Members Only Facebook Group. You must be a member of the group to view the recording.
In other NLA news, the association held its annual Board Meeting on December 6 in Northern California. Among the items addressed was the strategic plan for 2022 and the need for passionate and dedicated members to get involved. As such, the NLA is encouraging members to take part in the various committees that work throughout the year on everything from advocacy to membership benefits to charity fundraising and more. To check out the open committees, or better yet, to enroll in a program, click here to fill out a volunteer form.
Visit limo.org for more information.