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Provides coverage for property for a specific dollar amount stated in the policy instead of actual cash value or replacement cost.
Insurance Industry News from ProgramBusiness.comParking & Valet Operators
USRisk Brokers, a subsidiary of U.S. Risk Insurance Group, announced that it has introduced a new Parking and Valet Operators Program designed for businesses engaged in operations related to parking customers' cars, such as self-parking garages and lots, assisted parking, valet parking and parking for special events. Coverage is written by carriers rated "A" XV or better by A.M. Best. Storefront owner Lighthouse Underwriters is a member of the US Risk Brokers family.
Exposures can include parking operations at retail or office complexes, hotels, entertainment venues, restaurants, medical centers, high-rise residential facilities and airports, and extend to incidental operations in conjunction with parking, such as car washing, detailing and minor repairs; moving a customer's vehicle to a repair facility for minor repairs; and basic concierge-type services such as luggage assistance or bellman operations.
"Our program uses a broadened, ISO-based form tailored to meet the specialized coverage needs of parking and valet operators," said Connie Chalayan, the program administrator for USRisk Brokers. Chalayan has more than 15 years’ experience in placing liability insurance for the parking industry and is a member of the National Parking Association, where she serves on the planning committee for the association’s annual convention.
The program provides Commercial General Liability with additional broadened coverages, and Garagekeepers Legal Liability. General Liability limits include a general aggregate of $2 million that applies per location, and the Garagekeepers Legal Liability carries a per-vehicle limit of up to $250,000 with $1 million per location and policy aggregate limits of $5 million. Excess limits of $50 million or more are available, including coverage for airport-shuttle vehicles and other "people movers."
Agents and brokers seeking more information on the Parking and Valet Operators Program should contact Connie Chalayan, program administrator by phone at 800-856-7035. To learn more about USRisk, visit the Lighthouse storefront at Lighthouse Underwriters.
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