Those of you who’ve been in business for a while may recall a time about 15 years ago when we faced a cycle called a “hard market,” characterized by higher premiums, fewer insurance carriers competing for your business and more stringent underwriting guidelines. Unfortunately, the latest emergence of the hard market cycle persists – affecting bottom lines, particularly as we battle back from the pandemic.

Viewpoints from Mike Marroccoli

Public transportation companies are continuing to see increased insurance costs, particularly for excess/umbrella liability, and obtaining coverage could be a challenge. You’ll need to take extra steps to get the best pricing from a financially stable insurance carrier.

Select the Right Broker

An experienced public transportation broker will access insurers specializing in your vehicles. At EPIC, we know what coverages you need, understand how to get you the best rates and have unparalleled market relationships.

Review Loss Runs

Reviewing your loss runs for accuracy, along with claim reserves and their status, is a critical element insurance companies evaluate.

Analyze Your Fleet’s Value

Most insurers base part of your premium on the value that YOU put on the application. Make sure you aren’t over-insuring your vehicles – if they’re stolen or totaled, you won’t get more than the Actual Cash Value (the cost to replace less depreciation). Also, consider increasing your deductible to an amount you can comfortably handle as the savings may be substantial.

Employ the Best Drivers

Your drivers’ motor vehicle records say a lot about your operation. Maintain a file on each driver and review it every six months. Finding good drivers is challenging – performing annual reviews of driving records, company policies and procedures may assist with safe driver retention.

Leverage Technology

Vehicle tracking and camera systems can help run your company more efficiently – and have proven to reduce accidents and unsafe driving habits. These systems have come down drastically in price over the last few years and they can save money overall by improving your loss experience. Our relationships with vendors may help with savings on technology implementation.

Put Loss-Control Measures in Place

A good claims “track record” takes work. Consider regularly scheduled safety meetings, implementing an employee handbook and safety manual, and publishing regular safety bulletins for drivers each month. Our Risk Management technology platform can also support your safety and training.

A great broker/consultant will explore these steps. The results will be clear; improved safety, control of your insurance costs and peace of mind knowing that your company will continue to meet the needs of your clients. Our public transportation team is ready to help!


EPIC offers these opinions for general information only. EPIC does not intend this material to be, nor may any person receiving this information construe or rely on this material as, tax or legal advice. The matters addressed in this article and any related discussions or correspondence should be reviewed and discussed with legal counsel prior to acting or relying on these materials.


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Mike Marroccoli

Principal, Public Transportation – Pearl River, NY