Question
Hello Connie
My company's inhouse, insuranse program utilizes, Brown & Brown Insuranse Company
http://brown-n-brown.com/pbserv.htm
Is this an actual insuranse company, who's "primary" concern is in the best interest, of the individual policy holder? or, is it a company, who's "primary" concern is to manage the funds, of a motor carrier, that maintains an, inhouse, "self funded" insuranse program. Could it even serve either either consern?, depending on the their agreement.
I may not have a 100%command of english, however, from what I read on that web-site, I beleive I am insured by my company's funds, not by an insuranse company's funds.
In other words, does the contractor's premium payment go to the insuranse company, or does it go to the motor carrier's coffers.
Do you know of an independent, web-site, where I could find a rateing, for this company, to compare with another company?
Thanks
Drive Safely
Joe
Answer
Gladiator,
Brown & Brown is an Insurance Brokerage not an Insurance Company. They are a large insurance organization that assists in providing special coverages on a large scale basis (usually). Without seeing the coverage you are provided and only referencing your post, it appears Brown & Brown has provided a program for your motor carrier. The particulars are unclear.
If you are participating in the program, please do the following:
1. Get something in writing which specifies the type of coverage, what is covered and the premium charged.
2. Check to see how the "Named Insured" reads on the policy.
3. Ask if you're protected as an "Additional Named Insured" or a "Certicate Holder". Additional Named Insured is better.
4. Ask if the program is being "Self insured" in any part by the motor carrier. If so, ask how and get an explanation.
Group programs can be great, but I've come across a couple motor carriers that are actually "gouging" on the owner-operators with the help of these programs.
I would suggest you contact a reputable insurance agent and get a quotation on your truck insurance needs and then compare it to what the company program provides.
Gladiator, if you'll obtain the information, and contact me at 800-933-7911, I'll give you a quotation in my program, so you can compare the two. No obligation. No pressure. Just upfront honestly.
Connie the Insurance Lady
Answer
Connie
Thank You, for your, prompt, detailed response.
...particulars are unclear.
When I went to quicken.com and plugged in their symble on the NYSE: BRO I found their
Business Description:
Provides a variety of insurance products and services, mainly property and casualty insurance, to corporate,institutional,professional and individual clients.
By including "individual clients" I can understand how the particulars would be unclear.
Their S&P industry is:
Insurance brokers.
however, their sector is:
Financial.
Which adds to my suspision, about them manageing a carriers funds.
It is very possible that I'm just trying to read something, between the lines, that isn't there.
the only way for me to "please do the following"
is to actually sign-up, however I've already decided to go with O.O.I.D.A.'s $300,000 occupational accident policy, which is being raised to $500,000 effective today, 6/1/99
I've already received the form to authorize them to automatically debit my checking account, and am just waiting to receive the application.
1. ....covered and premium........
It's a joke, and it includes $500 deductable.
After I posted the other message, I found A.M.Best
http://www2.ambest.com
a comapany that rates insurance companies, with nearly 6000 companies in their directory.
I looked-up Zurich American Insurance, which is the underwriter for O.O.I.D.A.'s policy, and their rating catagory was:
Superior (A++)
on 3/15/99
When I looked for Brown&Brown, it wasn't even listed.
Thank You for your suggestion, concerning reputable companies, and for your offer to support me with information, and possible coverage.
I'll send you a joke (B&B's plan) by E-mail
Drive Safely
Joe
Answer
Good work, Joe.
Have you ever thought about a career in insurance?
Best of luck.
Connie
Answer
Connie
Not such a good job, after all.
If I persued that career, I would probably be fired, on the first day, for not conducting a "thorough" research, before getting my hair up in a dander.
Upon further researce, I discovered that the underwriter, for our insurance is
American International Group.
That information was in front of me, all the time, at the top of the application. in "BIG" letters "AIG"
I must have forgotten to clean my glasses.
I could have prevented all of this embarassment, if I would have, simply called, for that information, as you suggested "after" I stuck my foot in my mouth.
According to A.M.Best Inc
AIG's rating catagory was:
Superior (A++)
on 3/31/99
However I will still go with, O.O.I.D.A for it's higher weekly, and other benefits, including "No" deductable.
Thank you for your response, which reflects your professionalism.
I apologize for initiating this thread.
I feel like the person, who went to a gun-fight, and only had a knife.
Drive Safely
Joe