It’s not a secret that being able to bundle your clients’ coverages with one carrier is far more efficient, cost worthy and brings simplicity to your clients rather than placing multiple lines of business through various carriers. From accounting to policy issuance, endorsements and the renewal process, it’s just flat out more efficient on all fronts.
Well…you asked and we listened!
We are very proud and excited to announce a new, enhanced partnership with AmTrust in our Mover’s Choice Program.
Over the past year, we’ve worked with AmTrust to design a comprehensive, nationwide AL/GL offering that can meet the needs of all Mover’s Choice customers. This will allow us to transition our entire Protective book to AmTrust and expand our appetite across the board. This means all Auto, General Liability, Workers’ Compensation and Umbrella quotes will now transition through AmTrust.
This will be effective 4-1-22 for all accounts. In the interim, we are looking at individual accounts that might have a need for AmTrust’s benefits in their upcoming renewal.
We know you have many questions and to answer a few, see our FAQ’s below:
Q: Will my clients see non-renewal notices?
A: Yes, in the vast majority of cases you should expect to see non-renewals on these accounts as it is our intent to start moving all accounts effective 4-1-22 and later. The reason will generally be: Your General Liability / Automobile insurance will transition to another program partner for your coming renewal.
Q: Does this mean you will no longer have another option?
A: Correct, but the new AmTrust guidelines are equal to, if not broader than Protective’s guidelines. Think of it as having one great option instead of two lesser options.
Q: Why would you want one carrier instead of two?
A: By combining our portfolio under AmTrust, we have a much larger and more credible portfolio with them, which allows greater flexibility across the board than we had with a split program. AmTrust has also adopted and expanded on Protective’s appetite to be sure that we are not underserving any of our current customer segments.
Q: Will all accounts be eligible?
A: This is a book roll, which means that every account is eligible and will be considered as an AmTrust renewal. Similar to our current renewal process, we will still consider non-renewals based on poor loss performance, changes in operations, etc.
Q: What is the status of your rate increases?
A: AmTrust did a very thorough review of our experience. Every account will be priced on their own merits as it relates to needed rate increases. We are pleased with AmTrust’s overall view of our book performance. Additionally, adding the Workers’ Compensation will improve the overall profitability of any particular account, so adding that line of business to an account portfolio will improve pricing flexibility across all lines of business on that account.
Q: Are there any coverage differences and anything else we should look out for?
A: AmTrust uses a Business Auto Form and not a Truckers Form. You will need to make sure coverages such as Trailer Interchange are requested. Additionally, AmTrust uses a valuation of ACV and not Stated Amount. We will need to make sure we amend the values from Stated Amount to Cost New, which automatically adjusts for age of vehicle. We do plan to continue offering minimal UM / UIM limits up to $100,000. Given we do have fairly minimal personal auto exposures, the employees’ recourse should be Workers’ Compensation.
Q: Will this change our commission?
A: There are no planned commission changes at this point. Our Umbrella commissions will be more stable and we will continue to access our important wholesalers as needed.
Along with this rollover, we’re not only expanding the geographic reach with AmTrust, we are also expanding our Risk Management capabilities. We’ll be bringing risk management services to our customers who did not receive those before, including consultative services to continue to help our valued customers control their overall cost of loss and insurance. More to come on this!
As always, if you have any questions or concerns, please do not hesitate to reach out to your underwriter or any member of your Mover’s Choice leadership team for further details of this move.
