Tony
09-16-2010, 11:30 AM
Though its controversial in some fields, OOIDA has a Trucking Insurance subsidiary. I have had OOIDA coverage for my company. Things typically do not change much, however it might be a good idea to check with someone here first before binding.
LTL Freight transporters might need to seriously reconsider OOIDA for your coverage. I currently do not remember the exact count, but there are brokers and shippers who do not recognize this (cargo)insurance. Even though they are considered a 'risk retention group', their policies are underwritten by Lloyd's of London. Hence it is considered 'offshore'. The difficulty is claims since they seem to reject all claims and being offshore limits legal remedies for the shippers, etc.
Smaller vehicle transporters do not seem to have these issues so long as they meet certain criteria. OOIDA does retain 'in-house' risk retention for smaller policies. What this means is that they underwrite the policy directly. this carries the risk internally via premiums paid by members. So the policy is directly covered by OOIDA. There are limitations on those policies that you need to be aware.
They have refused to quote/refused to insure: inoperable vehicle transports. Upon quoting coverage, they obviously ask what your cargo is. There has been one time that they flat refused coverage when vehicle transport was stated. However, they wrote the policy another time. But the time that they wrote it, the cargo was undamaged auction, dealer and mfg vehicles. Previously damaged vehicles would not be covered to an extent. Mostly meaning copart and IAA auction vehicles were a 'no-go'.
So there is some controversy over their insurance. But when the coverage fits, the premiums are great. So it might benefit you to decide on what you will be transporting and for who, and give them a call.
OOIDA
800-715-9369
1 NW OOIDA Dr
Grain Valley, MO 64029
LTL Freight transporters might need to seriously reconsider OOIDA for your coverage. I currently do not remember the exact count, but there are brokers and shippers who do not recognize this (cargo)insurance. Even though they are considered a 'risk retention group', their policies are underwritten by Lloyd's of London. Hence it is considered 'offshore'. The difficulty is claims since they seem to reject all claims and being offshore limits legal remedies for the shippers, etc.
Smaller vehicle transporters do not seem to have these issues so long as they meet certain criteria. OOIDA does retain 'in-house' risk retention for smaller policies. What this means is that they underwrite the policy directly. this carries the risk internally via premiums paid by members. So the policy is directly covered by OOIDA. There are limitations on those policies that you need to be aware.
They have refused to quote/refused to insure: inoperable vehicle transports. Upon quoting coverage, they obviously ask what your cargo is. There has been one time that they flat refused coverage when vehicle transport was stated. However, they wrote the policy another time. But the time that they wrote it, the cargo was undamaged auction, dealer and mfg vehicles. Previously damaged vehicles would not be covered to an extent. Mostly meaning copart and IAA auction vehicles were a 'no-go'.
So there is some controversy over their insurance. But when the coverage fits, the premiums are great. So it might benefit you to decide on what you will be transporting and for who, and give them a call.
OOIDA
800-715-9369
1 NW OOIDA Dr
Grain Valley, MO 64029