Another specialized coverage in the complex world of commercial auto insurance is leasing operations. Our program is designed to cover a multitude of potential exposure on a contingency, excess, physical damage and interim basis for a minimum 12 month term.
- Contingent/Excess Liability insurance provides coverage to the lessor of a leased auto for 3rd party liability damages resulting from an accident and the lessee’s insurance is not collectible.
- Contingent Physical Damage protects the lessor’s interest in the owned auto when the lessee’s comprehensive and collision insurance is not collectible.
- Interim Car provides both liability and physical damage to off-lease owned autos while being held for sale and being re-leased.
GMI utilizes highly rated carriers to underwrite its leasing risks. GMI’s extensive experience in a broad range of auto exposures combined with its proactive claims management partners have a demonstrated track record of success. It is a combination of this service-driven approach to leasing operations that has led to an average annual retention rate of over 90% for the past five years.