Specialty P&C transportation insurer National Interstate has launched a group rental captive designed for the towing and recovery industry, TowCap Premier, the first captive of this type within this sector.
National Interstate suggested this captive can help operators better control their cost of risk, and cited recent instability in the insurance market for towing and recovery which might make a captive of this type a more attractive option.
“We are thrilled to bring TowCap Premier to the towing and recovery industry,” said Mike Winchell, director, specialty transportation for National Interstate. “Throughout 2018, we look forward to working with our founding members to further improve their operations, reduce their overall cost of insurance and raise safety standards throughout the industry - while bringing much needed stability to the towing insurance market.”
TowCap Premier complements National Interstate's traditional programme for fleet towing and recovery operations. The insurer is seeking operators with a favourable loss history, a strong balance sheet and a focus on safety and training.
The insurance coverage in the group rental captive includes auto liability, auto physical damage and garagekeepers, on-hook cargo, general liability and workers' compensation.
Tyler Harden of Jim’s Towing Service and chairman of the TowCap Premier executive committee, commented: “Our group searched for a solution for two challenges in our industry: better control of insurance cost and stability in a carrier. Year after year, National Interstate has stuck by our industry, so who better than to partner with but the experts, who’ve built a captive insurance program around us.”
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National Interstate, TowCap Premier, Group Captive, Rental Captive, Ohio, North America