Thank you! I’ll reach out to them!
Hello everyone! It has been brought to my attention that a few shops were unable to get through to me for insurance inquiries, so I wanted to confirm, my contact information has remained the same. My email is Amanda.Gearheart@MarshMMA.com and my direct phone number is 336-878-7839. We have a new market that has opened up for Bicycle Fabrication that we are quoting with now as Berkley Specialty is increasing their minimum premium. For all of you that are currently with Berkley Specialty, we will remarket at your renewal. The new insurance company is offering the minimum premium at $1,500 annually plus tax and fees for General Liability coverage to include products and completed ops. Please feel free to reach out if you should have any questions. Thank you!
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We just renewed our policy, the good folks over at MMA found us a new provider, Mesa Underwriters Specialty Ins Co.
Total annual premium for 50k expected revenue is $1687. Not bad!
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If I were to build frames for one year, pay for coverage, and then quit, how long would I have to carry said coverage for it to remain applicable to that year of production and sales?
The common wisdom is that you keep the insurance until all units are no longer in use.
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I’d say that’s a fairly good approach. I know in Australia there is at least a 10 year (might actually be 12 year) statute of limitations on liability for consumer products. So if I was building here, or selling bikes as I currently do, I’d budget to have insurance for at least a decade after business is wound up (or if I’m lucky enough to retire). The retirement one is a big one to consider as 10 years of insurance payments could become a sizable cost.
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