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COLLEYVILLE, TX, February 26, 2009 /24-7PressRelease/ -- Jon Tanner, President of J.D. Tanner & Associates Insurance Services, announced today that his company has been able to successfully negotiate a three-year premium guarantee for clients which operate more than 75 units. "This is pretty much unheard of in today's industry," says Tanner. "We are approaching the tail-end of what has become known as one of the softest insurance markets from a premium standpoint in recent history," Tanner continued.
According to Tanner, insurance carriers are already discussing ways to begin to increase premium rates across the board toward the end of 2009. "It's no secret that the economy has been hit hard. You've seen the news and seen what companies such as AIG have gone through. Investment income for insurance carriers has all but disappeared," Tanner said. "Insurance companies have realized that the historical returns on premium investment are not going to happen this year or anytime in the foreseeable future," he said. "The best way for insurance companies to improve the bottom line is to get some of that lost investment income back in the form of premium increases on trucking liability insurance, trucker's physical damage insurance, and motor truck cargo insurance," Tanner says.
"I was looking for a way to allow our preferred customers to be able to continue with the great trucking liability rates which we have been able to secure for them," Tanner said. "I was fearful that we would go into 2010 and our preferred clients would see premium increases in spite of being profitable from an underwriting standpoint. This just didn't seem fair," he said.
"That's when it hit me that there might be a way to negotiate a rate lock for the trucking companies who are doing everything right from a safety standpoint, and who are actually making money for the insurance company," Tanner said. "I went to one of the most stable trucking insurance companies in the nation that we place several million dollars of premium with on an annual basis," he said. According to Tanner, "When I told them what I wanted to do they were completely receptive to the idea."
"Since that time, we have taken three national trucking companies to this particular trucking insurance company and have given them a deal which is competitive by today's standards and have given them a three-year premium guarantee," Tanner said. "By doing so we have allowed these companies to know exactly where their trucking liability, physical damage coverage, and motor truck cargo insurance premiums will be over the next three years. This is simply priceless from the standpoint of being able to budget future costs for a trucking company. After all liability insurance is one of the top annual expenses for any trucking company," Tanner said.
"J.D. Tanner & Associates is known as a trucking insurance specialist, and this adds to our reputation as a trucking insurance agency which is ahead of the curve when it comes to knowledge of the trucking industry and understanding the needs of trucking companies when it comes to insurance placement not just for today, but the future as well," Tanner said.
About J.D. Tanner & Associates
J.D. Tanner & Associates is an independent insurance agency specializing in insurance placement for the trucking and transportation industry. J.D. Tanner & Associates is licensed in 50 states and is recognized as a leader in liability, physical damage, cargo and worker's compensation insurance placement for companies with a single truck to companies with several hundred power units. For further information, please contact us at 1-800-609-1010.
Source: J.D. Tanner & Associates
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