Business Income/Extra Expense Valuation
Posted: Tue Mar 26, 2019 7:48 am
Does anyone have a good resource for how to properly insure a "transportation" type of exposure? I specialize in the NEMT/Paratransit industry and have not found a good resource to help my clients properly cover their BI/EE exposure.
Really most of them have only an Extra Expense exposure as they could operate if they have a fire, etc. However, if there is a cat type of loss and all of their vehicles are wiped out (ie hurricane), they would definitely have a BI loss. Many of the vehicles are specially equipped so they cannot go to an Enterprise and just rent vehicles. Also, they could potentially lose contracts because these can be Medicare/Medicaid funded programs and the entity arranging transportation would need to find other companies to fulfill obligations.
Appreciate any help or direction you can give me.
Pam Wheeler
Really most of them have only an Extra Expense exposure as they could operate if they have a fire, etc. However, if there is a cat type of loss and all of their vehicles are wiped out (ie hurricane), they would definitely have a BI loss. Many of the vehicles are specially equipped so they cannot go to an Enterprise and just rent vehicles. Also, they could potentially lose contracts because these can be Medicare/Medicaid funded programs and the entity arranging transportation would need to find other companies to fulfill obligations.
Appreciate any help or direction you can give me.
Pam Wheeler