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TOPIC: insurance woes

insurance woes 22 Feb 2010 16:30 #33405

  • Mike
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Our liability insurance has gone up at one of our theatres. The ins co (Peerless) bases the policy on gross sales of both tickets and concession: we're going up. A small town three screen will be 8615.00. 4853.00 is for liability and 3762.00 is for property. Reynold's and Reynold's advertises that they specialize in theatre insurance but they want larger theatres. Any suggestions? My insurance guy says he went through the grinder trying to find us lower costs. But 8 freakin thousand dollars?????!!!!@#$%^&* Any help?
Michael Hurley
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Re:insurance woes 22 Feb 2010 17:18 #33406

  • tratcliff
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Find a different insurance agency, an independent one that represents many companies. They should be able to find you a better rate.

When we first bought our theatre, Motorists was the lowest.
But my agent looks around every year, and a few year's back Auto-Owners was the lowest. And Auto-Owners has been the lowest by far ever since.

And my theatre is a twinned small town theatre built in 1938.

Also, my liablity rate is based on attendance, not box office gross.
It was that way for Motorists also.
So as I have raised my ticket prices over the years, it has therefore not negatively affected my liability insurance.
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Re:insurance woes 23 Feb 2010 10:09 #33413

  • dsschoenborn
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Yes it should be based on head count not boxoffice $. We are with Travlers now. My independant guy got me great coverage for about what I was paying for less coverage for an insurance company that really gave us poor service and coverage. We have an audit coming up this year so I guess we will have to see what happens to rates after that but for now we have been happy.
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Re:insurance woes 04 Mar 2010 11:32 #33497

  • wimovieman
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I have been with Auto Owners for years--They are not only very reasonible (at least in my area), but I have had some claims and they were absolutely great to work with.
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Re:insurance woes 04 Mar 2010 11:58 #33498

  • Mike
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Thanks to a local bigscreenbiz Maine guy and all of you: Our new quote was for 8700.00 and I was steered to another company in Maine that came in at 4700.00!! Only 4,000.00!! or as my wife said "you get a commission!" Thank you all!
Michael Hurley
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Re:insurance woes 04 Mar 2010 12:58 #33499

  • burnside
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hey, real new here.

is this rate per month or year?

thanks,
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Re:insurance woes 05 Mar 2010 22:33 #33503

  • jacker5
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Yearly! God forbid if that was monthly!
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