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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Group Rental Captive Insurer Launched for Towing and Recovery Industry

tow truck-SF
January 18, 2018

The first group rental captive insurer designed exclusively for the towing and recovery industry, TowCap Premier, has been launched by National Interstate Insurance Company (National Interstate), a leading specialty property and casualty transportation insurer.

With the launch of TowCap Premier, operators can better control their cost of risk and be confident they are insured by a stable insurer. While National Interstate has had a consistent presence in the towing and recovery industry since 2004, the insurance market for this industry has recently experienced instability, leaving few choices for best-in-class towing operations.

"We are thrilled to bring TowCap Premier to the towing and recovery industry," said Mike Winchell, director of specialty transportation for National Interstate. "Throughout 2018, we look forward to working with our founding members to further improve their operations, reduce their overall cost of insurance, and raise safety standards throughout the industry—while bringing much needed stability to the towing insurance market."

"Our group searched for a solution for two challenges in our industry: better control of insurance cost and stability in a carrier," said Tyler Harden of Jim’s Towing Service and chairman of the TowCap Premier executive committee. "Year after year, National Interstate has stuck by our industry, so who better than to partner with but the experts, who've built a captive insurance program around us."

Available nationally, TowCap Premier launched in late 2017, complementing National Interstate's successful traditional program for fleet towing and recovery operations. National Interstate is seeking visionary operators with a favorable loss history, a strong balance sheet, and a focus on safety and training.

National Interstate will market TowCap Premier directly through retail brokers and is currently accepting new members. The comprehensive insurance coverage includes:

  • Auto liability

  • Auto physical damage and garagekeepers

  • On-hook cargo

  • General liability

  • Workers compensation

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