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Garage Keepers Ins

Workers Compensation Law Discussion

Garage Keepers Ins

Postby Gare » Tue Mar 03, 2015 5:01 pm

Are all garagekeepers liability ins premiums based on total annual projected gross sales ?
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Joined: Wed Jan 29, 2014 12:22 pm

Garage Keepers Ins

Postby Vincenzio » Wed Mar 04, 2015 6:47 pm

Hi Tim,

A few years ago, ISO(The Insurance Services Office)changed the way garages are rated.   Instead of a General Liability policy, they got their own 'Garage Liability' policy, which needed personal injury and broad form products endorsed onto the form.   The rating was based on payroll, at $100/garage employee/week, or $5200/garage employee/year.  Note this does not include administrative employees.

With the change, garages are now written on a general liability policy form, and gross sales are used for the rating basis.  Here's the info right out of the commercial lines manual:       10073 Automobile Repair or Service Shops       Class Code: 10073 NOC       Premium Base: Gross Sales       Note:       This classification includes coverage for operation of       customers automobiles on insured's premises. Use Operation Of       Customers Autos On Particular Premises Endorsement CG 22 68.       Retail operations shall be separately classified and rated.       For premium computation purposes, receipts from towel       dispensers,vacuum cleaners, etc. are to be included in gross       sales.

Not all companies adopted the new rating method - some still use a garage liability policy based on payroll as noted above.

James Berliner, CPCU  
Posts: 47
Joined: Tue Jan 07, 2014 12:07 am

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