REFRIGERATED TRUCK INSURANCE CASE STUDY
Two Refrigerated Vehicles for a Multi-Site Hospitality Group, Insured Days Before Settlement After Three Declines
Settlement was days away and the vehicles were being collected that weekend. Three insurers declined on refrigerated goods. Three quoted, on two different valuation bases, more than $7,000 apart.
THE SITUATION
A multi-site hospitality group came to Tank Insurance with settlement on two refrigerated vehicles days away and collection planned for the weekend. The brief was clear: the client cared about what was covered, not the cheapest price, because vehicle downtime in a food business is the daily headache.
OUR APPROACH
- Six insurers were approached for commercial motor on the two refrigerated vehicles, on a no-claims basis.
- Three declined because of the refrigerated goods exposure.
- Three quoted: approximately $10,600 and $12,700 on a market value basis, and approximately $18,500 on an agreed value basis of around $87,000.
- The valuation basis was explained so the client could weigh a lower premium on market value against a fixed payout on agreed value.
THE CHALLENGES
Refrigerated vehicles carry a fridge unit that is both a high-value asset and a source of loss, and three of the six insurers approached declined the class here. The timing was the other constraint: a settlement in days leaves no room for a referral that sits with an underwriter for a week, so the submission went to every market at once.
THE OUTCOME
Both refrigerated vehicles were insured with Vero at a premium of approximately $10,600 a year on a market value basis, quoted on a no-claims basis, in place for settlement and collection.
Final Solution: Two refrigerated vehicles for a hospitality group at around $10,600 a year, bound before settlement after three declines.
This case records one historical outcome; current insurer appetite, premium, timing and terms depend on the complete risk at the time of application.
For the wider buying context, see our refrigerated truck insurance guide and the commercial motor insurance brokers page.
REFRIGERATED OPERATOR QUESTIONS
What this placement answers for other refrigerated transport operators
Why do insurers decline refrigerated vehicles?
Agreed value or market value for a refrigerated truck?
How fast can refrigerated vehicles be insured before settlement?
REFRIGERATED TRUCK INSURANCE
Put this placement in context
Case-study results are historical and are not a promise of current pricing, capacity or policy terms. This page is general information only and does not take account of your objectives, financial situation or needs.
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