Another specialized coverage in the complex world of commercial auto insurance is leasing operations. The GMI program is designed to cover a multitude of potential exposure on a contingency, excess, physical damage and interim basis. Contingent/Excess Liability insurance provides coverage to the lessor of a leased auto for 3rd party liability damages resulting from an accident and the lessee’s insurance is not collectible or is insufficient. Contingent Physical Damage protects the lessor’s interest in the owned auto when the lessee’s comprehensive and collision insurance is not collectible. Interim Car provides both liability and physical damage to off-lease owned autos while being held for sale and being re-leased.
GMI utilizes highly rated carriers to underwrite its leasing risks. GMI’s extensive experience in a broad range of auto exposures combined with its proactive claims management partners have a demonstrated track record of success. It is a combination of this service-driven approach to leasing operations that has lead to an average annual retention rate of over 90% for the past five years.