CITADEL1
Risk Manager
I thought it might be a good idea to post some details on the DieselPRO program and the value of participation. As mentioned in earlier posts, we are rolling out coverage for individual vehicles, race teams, etc. Up to this point we have been exclusively focused on Manufacturers, Distributors, and Installers.
I will say this, if you are a manufacturer, distributor, or installer/performance garage, you are either paying too much for your coverage OR you are insured incorrectly. There is a performance shop down the street from us which does all kinds of engine, fuel system, intake upgrades and tuning etc. and their genius agent has them insured as though they are a tire store. Might as well not have ANY insurance in case of a claim. They told me that if they ever have a claim they will just sue the agent. Brilliant risk management strategy :bang
Anyway, this is a long post but here is some good info (or at least some late night "put you to sleep" reading)
DieselPRO FAQs:
1) How is this NADM - DieselPRO program better than my current insurance?
By leveraging the collective buying power and safety record of the participating NADM membership, we are able to work with the world’s leading insurance carriers to offer enhanced pricing and coverage
2) How is NADM able to obtain for its members premium savings that I was unable to obtain through my current product liability insurance coverage?
The DieselPRO team has a long history of creating value-driven insurance programs for trade groups who share NADM’s commitment to safety and industry best practices. Our partner insurance companies know how to recognize and reward this level of commitment to quality and safety in highly regulated industries such as diesel/automotive performance.
3) How much can I expect to save through the NADM program?
This is tough to generally quantify. A member, depending on the ability, capacity, and integrity of their agent, will always be able to find cheaper coverage which may leave them with multiple unwanted exposures or inadequate coverage limits… The DieselPRO team strives, in partnership with best of class motor performance underwriters, to understand the unique business needs, growth objectives, and industry risks of its member clients. This insures that a maximum amount of value per premium dollar invested is achieved, and that our members are fully protected against unforeseen loss or business interruption.
4) Can NADM’s associate members benefit from these savings?
Associate member participation is welcomed and adds to our influence and diversity as an association.
5) Does the NADM program offer any guarantees of discounts?
Due to constantly changing financial markets and global events and economies, it is difficult to guarantee discounts particularly from one renewal year to another. DieselPRO will continually create value for participating members by managing our carrier partners to insure highly competitive rates, value added services, and superior coverage. We will leverage every competitive situation and the best-practices of NADM members to raise the value and performance standard for ourselves and our partner providers.
6) Can I obtain a free rate quote from the DieselPRO team?
A complimentary risk-assessment/rate quote is just one DieselPRO benefit available exclusively to NADM members
7) Why can’t my current insurance broker obtain the same rates for me without relying on the NADM program?
The DieselPRO team members are specialists in the creation and management of exclusive association-based insurance programs. As program managers they work very successfully and efficiently in partnership with your trusted insurance retail professional. Your agent, who benefits from the support and quick service of our program management team, would be happy to explain the many benefits of leveraging an exclusive association-based program.*
8) When will the MARPA program be ‘open’ so that we can being using it?
We are ready to start quoting and issuing premium indications right now!
*If you are a manufacturer or distributor, the DieselPRO team has the ability to work through your current agent on your behalf...call for details
I will say this, if you are a manufacturer, distributor, or installer/performance garage, you are either paying too much for your coverage OR you are insured incorrectly. There is a performance shop down the street from us which does all kinds of engine, fuel system, intake upgrades and tuning etc. and their genius agent has them insured as though they are a tire store. Might as well not have ANY insurance in case of a claim. They told me that if they ever have a claim they will just sue the agent. Brilliant risk management strategy :bang
Anyway, this is a long post but here is some good info (or at least some late night "put you to sleep" reading)
DieselPRO FAQs:
1) How is this NADM - DieselPRO program better than my current insurance?
By leveraging the collective buying power and safety record of the participating NADM membership, we are able to work with the world’s leading insurance carriers to offer enhanced pricing and coverage
2) How is NADM able to obtain for its members premium savings that I was unable to obtain through my current product liability insurance coverage?
The DieselPRO team has a long history of creating value-driven insurance programs for trade groups who share NADM’s commitment to safety and industry best practices. Our partner insurance companies know how to recognize and reward this level of commitment to quality and safety in highly regulated industries such as diesel/automotive performance.
3) How much can I expect to save through the NADM program?
This is tough to generally quantify. A member, depending on the ability, capacity, and integrity of their agent, will always be able to find cheaper coverage which may leave them with multiple unwanted exposures or inadequate coverage limits… The DieselPRO team strives, in partnership with best of class motor performance underwriters, to understand the unique business needs, growth objectives, and industry risks of its member clients. This insures that a maximum amount of value per premium dollar invested is achieved, and that our members are fully protected against unforeseen loss or business interruption.
4) Can NADM’s associate members benefit from these savings?
Associate member participation is welcomed and adds to our influence and diversity as an association.
5) Does the NADM program offer any guarantees of discounts?
Due to constantly changing financial markets and global events and economies, it is difficult to guarantee discounts particularly from one renewal year to another. DieselPRO will continually create value for participating members by managing our carrier partners to insure highly competitive rates, value added services, and superior coverage. We will leverage every competitive situation and the best-practices of NADM members to raise the value and performance standard for ourselves and our partner providers.
6) Can I obtain a free rate quote from the DieselPRO team?
A complimentary risk-assessment/rate quote is just one DieselPRO benefit available exclusively to NADM members
7) Why can’t my current insurance broker obtain the same rates for me without relying on the NADM program?
The DieselPRO team members are specialists in the creation and management of exclusive association-based insurance programs. As program managers they work very successfully and efficiently in partnership with your trusted insurance retail professional. Your agent, who benefits from the support and quick service of our program management team, would be happy to explain the many benefits of leveraging an exclusive association-based program.*
8) When will the MARPA program be ‘open’ so that we can being using it?
We are ready to start quoting and issuing premium indications right now!
*If you are a manufacturer or distributor, the DieselPRO team has the ability to work through your current agent on your behalf...call for details
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