People love their cars, don't they? Some folks will happily spend hours of their precious Saturdays and Sundays polishing and primping their "rides," taking great pride in the gleaming chrome, steel, and crystal-clear glass. Some people even base a lot of their identity on their car. Some folks even go so far as to name them! Whether it's a status symbol, a source of fun or recreation, or even just the fact that they have managed to procure a vehicle to convey them around, a car often is one of those material possessions that represents some modicum of success.
As parking and valet professionals, your clients have been entrusted with the care of these most prized possessions. Their customers have expectations that their vehicle will be returned to them in the same or better condition than received, and that all the items inside and outside the vehicle will be accounted for. Your clients' parking and valet business is one based on trust. Any breach of that trust can be damaging to their reputation, and therefore to their business - Especially in these days of social media, where average people have a platform to air their grievances.
Though the parking lot or valet would seem to be a pretty safe place to leave ones' car, there are many different risks inherent in this business. Any time people and cars are in close proximity, the potential for calamity is high. Parking companies need insurance that protects all aspects of their operations. Potential risks for these clients include damage to the premises where they conduct their business, workers comp, crime/employee dishonesty, and of course automobile liability and physical damage. With all these possible exposures for risk, the need for a specialty insurance policy to meet the unique needs of parking companies is readily apparent.
U.S. Risks' ArmorPark™ Program is a liability policy form that is tailored to meet these unique needs - combining Commercial General Liability (CGL) and Garage Keepers Legal Liability (GKLL) with extended coverages necessary to this class of business. This program features CGL limits as high as $2M per location for general aggregate, and GKLL per-location limits as high as $1M. There are many other features covered under this program, all designed to give your parking and valet business clients the peace of mind they need to focus on what they do best.
For more information come and connect with me on CompleteMarkets.com for weekly updates or visit our Parking and Valet Operators Insurance storefront.