Why the Intermodal Insurance Program?
Since the Intermodal Insurance Program is reinsured by the Intermodal Insurance Company (a company owned by intermodal draymen just like you), the program is uniquely focused on the needs of our industry.
The insurance industry is plagued by periods of high prices called hard markets, and periods of low prices, referred to as soft markets. Either type of market atmosphere is influenced by the availability of capital, stock markets, inflation, deflation, and a myriad of other financial factors. The end result is that in hard markets prices rise far above the actual cost of risk; during soft markets prices drop below the cost of risk.
The Intermodal Insurance Program by design is not subject to the same external financial forces that create the chaos of market fluctuations. It is the intent of the Intermodal Insurance Program to price each insured’s premiums as near to the actual cost of risk for that insured as practical. Each insured’s premium starts with their actual incurred losses over the previous five years. Combining the loss history, with historic mileage, individual driver MVR analysis, and operational characteristics, a premium is developed for each insured. From this starting point, the future is PREDICTABLE. Furthermore, the program is structured to limit the impact of shock losses on premiums. The intent of the program design is to provide draymen with an insurance program that has no surprises, stable and predictable pricing year after year.
Broad Form Pollution
Without pollution coverage you could be responsible for hundreds of thousands of dollars in clean up expenses. Trucker policies provide coverage for bodily injury and property damage. These policies provide coverage for clean up of diesel fuel and other fluids necessary to the operation of the vehicle resulting from an accident. All trucker policies exclude pollution clean up necessitated by an accident arising from cargo being carried by the truck. Except, the Intermodal Insurance Program provides Broad Form Pollution coverage per form CA 99 48 03 06. The Intermodal Program includes pollution coverage at no additional cost.
As an insured of the program, you receive special claims handling from ProSight’s claims department. For severe claims, those involving serious injuries and/or fatalities, there is the 24/7 hotline for immediate assistance. More conventional claims can be reported by phone or email. In most situations, an adjuster will be assigned and contact you within 8 hours.
As a captive member, you will receive online access to your claim files so you can check the status of a claim at any time. The adjuster will notify you anytime we set or increase a claim reserve by $10,000 or more. You will be notified if we are anticipating making a payment of $5,000 or more. If you wish to be consulted on any specific claim regardless of dollar amount, just notify your adjuster. Subrogation claims can be paid on your behalf, and for claims not covered by the program, you can be referred to our subrogation vendor.
The Intermodal Insurance Program is written by New York Marine and General Insurance Company (NY MAGIC) and reinsured by The Intermodal Insurance Company. New York Marine and General Insurance was founded in 1964 and operates as a subsidiary of ProSight Specialty Insurance Holding, Inc. The Intermodal Insurance Company was founded in 2003 by a group of seasoned intermodal draymen determined to bring common sense and rate stability to their insurance programs. ProSight Specialty, NY MAGIC, and The Intermodal Insurance Company create a unique combination of insurance expertise and intermodal industry experience. NY MAGIC is admitted in every state and rated A VIII by A.M. Best Rating Service. Intermodal Insurance Company acts as a reinsurance company, domiciled in Washington D.C..