In today’s complex and dynamic world of trucking and transportation, insurance plays a critical role in safeguarding businesses from potential risks. This week, we have a fascinating discussion with Cordell Fenig from Vivace Insurance Partners on the Trekking Risk and Insurance Podcast. The intriguing conversation, led by Chris Harris from Safety Dawg, delves into the nuances of insurance, the vital role of underwriters, and the importance of nurturing relationships within the industry.
Understanding Vivace Insurance Partners
Vivace Insurance Partners, a startup Managing General Agency (MGA), stands out in the insurance sector due to its innovative approach. Named after a wine, Vivace embodies different flavors and notes, much like the diverse trucking and transportation industry. According to Cordell, the name reflects the constant movement of goods and the upbeat nature of the industry workforce.
The Role of an MGA in the Insurance Sector
As a Managing General Agency, Vivace has the authority to write insurance policies across various transportation modes, including ocean, air, and land. Unlike traditional insurance companies, an MGA evaluates risks and issues policies directly, thus providing a streamlined process for businesses. Cordell explains that MGAs offer similar functions to insurance companies but with the flexibility to creatively handle insurance needs within predefined limits.
Building Key Relationships
A crucial takeaway from the discussion is the significance of establishing relationships with both brokers and underwriters. Chris Harris emphasizes that trucking companies often overlook the benefits of connecting with their underwriters. Cordell supports this notion, highlighting how these relationships can lead to more personalized service and better understanding during policy renewal processes.
Regulatory Compliance Challenges
Regulatory compliance is a fundamental aspect of the trucking industry. Cordell discusses the importance of compliance, particularly concerning CSA scores and DOT ratings, which are critical for evaluating risks. Vivace Insurance Partners focuses on ensuring clients meet regulatory standards and offers educational support to help them navigate the complexities.
Risk Management and Ideal Clients
When asked about the ideal client, Cordell mentions that while generic, low-risk clients are desirable, a more challenging risk scenario excites him. Vivace is interested in clients who have a comprehensive approach to risk management and are willing to engage creatively in ensuring efficient transportation solutions spanning international boundaries.
The Impact of Jurisdictions and Regulatory Environments
Jurisdictions in the U.S. vary in terms of claims payouts and regulations. Chris and Cordell discuss how certain areas have higher risks due to outlandish claims payouts. Vivace’s approach includes understanding these regional differences, which helps clients better prepare for potential risks.
A Call for Collaboration
As the conversation wraps up, Cordell emphasizes the need for collaboration within the industry. By building strong relationships with underwriters and being proactive about compliance and risk management, businesses can navigate the intricate web of transportation insurance more effectively. Vivace Insurance Partners is committed to supporting both U.S. and Canadian clients with their unique insurance needs, making them a valuable ally in this fast-paced industry.
Cordell’s parting message underlines the importance of fostering open communication with insurers: “Talk to your underwriters. Build a relationship. It makes all the difference.”
For more insights and to connect with Cordell Fenig from Vivace Insurance Partners, you can find his contact information in the show notes. Whether you’re in the U.S. or Canada, Vivace is eager to assist with your transportation insurance needs.
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Building relationships with underwriters is key to a successful insurance strategy, and Vivace Insurance Partners champions this through innovative practices and industry expertise. Whether you’re a seasoned trucker or new to the logistics world, the insights shared by Cordell Fenig offer a roadmap to understanding and navigating the complex landscape of insurance risk management.
Reach out to Cordell:
https://vivaceinsurancepartners.com
cordell.fenig@vivaceinsurancepartners.com