Vanliner Insurance, an insurer for the moving and storage industry and a subsidiary of National Interstate Insurance, has launched Compass, a new alternative risk transfer (ART) insurance program developed exclusively for affiliated moving agents of United Van Lines and Mayflower Transit.
According to Vanliner, Compass enables United and Mayflower moving agents to form their own insurance program to share risk and reward while insulating themselves from the unpredictable insurance costs associated with the cyclical insurance market.
Vanliner said that the program is specifically tailored to meet the particular needs of the moving and storage industry and it offers long-term premium stability, as well as other benefits.
Through this program, United and Mayflower participants can benefit from Vanliner’s expertise in the moving and storage industry, as well as the experience and support of Vanliner’s parent, National Interstate Insurance.
Vanliner CEO Tony Mercurio said that the launch of Compass represents a turning point for the industry since, until now, ART programs have essentially been unavailable to moving and storage companies.
"Vanliner is very pleased to fill this void in the marketplace by providing a cost-effective way to manage risk throughout all economic conditions and market cycles. This addition to the Vanliner portfolio of products is just the beginning," Mercurio said.
Missouri located Vanliner Insurance, formed in 1978, has license in all 50 states. In July of 2010, National Interstate Insurance, a wholly owned subsidiary of National Interstate, completed its acquisition of Vanliner.
National Interstate, headquartered in Richfield, Ohio, is a specialty property and casualty insurance company with a focus on the transportation industry. National Interstate and its insurance subsidiaries, including Vanliner, offer insurance products and services designed to meet the unique needs of niche markets.