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| Vehicle Insurance Coverage.... https://ftp.fugitiverecovery.com/forum/viewtopic.php?f=13&t=12695 |
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| Author: | DSI [ Wed 28 Dec 2011 18:29 ] |
| Post subject: | Vehicle Insurance Coverage.... |
Most of us are hard working by the book type people. The cost of during business the right way can be astounding to the lay person, i.e. business insurance, office space, office supplies, investigative equipment, and of course firearms and associated leather gear. We normally consider the aforementioned items a part of during business. Yet when it comes to vehicle insurance how many of us have the proper coverage on our personal vehicles. If you are going to use your personal vehicle to transport fugitives, and clients, or use the vehicle to conduct other business related matters, it now becomes a commercial vehicle and should be insured as same. If you have an accident while using your personal vehicle for business your insurance carrier may not cover any damage caused or any injured parties if you are not properly covered, which means that you will be left on the hook for a lot of money. I sure that is not an ally that anyone wants to explore. I cover this subject as part of the Virginia Laws of Arrest Course mandated by the state for armed security officers and in the bail enforcement agent course. I am just putting this out to the membership as food for thought. |
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| Author: | Agency1 [ Wed 28 Dec 2011 21:17 ] |
| Post subject: | Re: Vehicle Insurance Coverage.... |
Hi Gene and Merry Christmas, Very interesting topic you bring up there and a very important one. I’m sure there are some agencies out there that have no insurance and they are taking a huge chance in our line of work. I believe Maryland only requires Security and Private Detective Agencies to carry a min of 2 million in general liability, correct me if I’m wrong. An agency that has no insurance can loose it all fast with just one incident or a major client finding out the company they contracted was not covered by any insurance or provided their client with a certificate of insurance that was made up. I could not imagine having armed personnel or even unarmed out in the field and the agency having no insurance. There is only one word for that and that’s STUPID. Not sure if I ever shared with you but my agency carries a $5 million general liability policy, $2 million in operating comp, $1 million in personal injury, $1 million in auto and some of our employees that handle cash, valuables etc are also bonded up to $25,000, of course we can up that depending on their assignment. It’s just not worth the risk or the chance in my book to not have at least the minimum insurance coverage that the state would requires. Does the insurance premiums eat into my profit margin…absolutely but I would rather have some than none. Great topic Gene, if I don’t see you have a safe and prosperous New Year. Dale |
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| Author: | NYPD BLUE [ Wed 28 Dec 2011 22:08 ] |
| Post subject: | Re: Vehicle Insurance Coverage.... |
My Crown Vic I use to transport deft's to the jails in is insured in my name but I am transferring the registration & insurance over to my company name with commercial insurance so that I dont have that bad experience if god forbid an accident occurs with a deft in transport in my veh.. I dont do that many transports but it only takes that one time to have an accident ..the peace of mind knowing you are covered is worth every dollar.. |
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| Author: | tbrenner [ Thu 29 Dec 2011 08:38 ] |
| Post subject: | Re: Vehicle Insurance Coverage.... |
Great topic, I tell my students the same, people they are transporting are not their friends, accidents happen when we least expect it, and insurance companies are always looking for a way out of a claim. Commercial insurance and vehicles are more of an expense; however by covering this detail you build your business as a professional, you can use it as a tool for marketing, and one incident doesn’t burden you or put you out of business. |
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| Author: | SpanielPI [ Fri 30 Dec 2011 01:18 ] |
| Post subject: | Re: Vehicle Insurance Coverage.... |
Myself and others have covered this subject previously in past years. In fact, at one point in time, we actually had insurance salesman coming on here stating they had industry specific policies for sale. Below is a link to just 1 of many excerpts to vehicle insurance discussions: viewtopic.php?f=13&t=6528&p=24578&hilit=negate#p24578 Quote: Vehicles: Keep your personal vehicles seperated from your work vehicles. You will need to get commercial insurance on a vehicle registered to your company. If you use your personal vehicle for bea work under standard, non-commercial, personal insurance and you have an accident or whatever, in most cases, you will negate that personal policy because you are using a personal vehicle in a commercial operation.
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