AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
High insurance rates decimate profits for area limo companies.
Byline: Ellen Boyer
Insurance costs are a standard business expense but limousine operators say it's extraordinary to have to pay $8,000 annually per vehicle.
Limo companies must insure each individual car. Today's high rates mean they're having a tough time keeping up.
Nationwide, limo company operators have seen insurance premium rates rise by as much as 300% since the Sept. 11 terrorist attacks, said Linda M. Moore, publisher of Limousine Digest magazine.
In 1999, Dean Schuler, president and chief executive officer of Carey New Orleans/Signature Livery, paid an annual premium of $33,000 for $1 million in coverage on his 10-car fleet. Now he pays $82,000 for the same amount of coverage - a 148% increase.
"Right off the bat, anyone who had to renew insurance after the (Sept. 11 terrorist attacks), faced a terrible battle," Schuler said.
A rocky stock market, losses on investments and a tragic crash of a Customs Charters bus on May 9, 1999, that killed more than 20 people, all combined to hurt operators as well, said Gary Baca, general manager of the Louis Armstrong International Airport.
"We can't shop for proper rates," Baca said.
In Louisiana, two major companies write commercial operator insurance for limo companies: Imperial Fire and Casualty Insurance Co. in Opelousas, and Prime Insurance Syndicate, which is part of the Illinois Insurance Exchange.
Without competition holding down rates, Louisiana drivers are forced to pay high premiums to operate.
"I have a profitable company, but if insurance rates double again, why should I be in this business?" Schuler asked.
There's no relief in sight for limo drivers.
To stay in drive, limo companies need to be creative with how they ...
- Limo companies feel the pinch at DIA.(Denver International Airport puts...
- Magazine article from: Denver Business Journal MOORE, PAULA September 28, 2001 700+ words
...billion loss in revenue. Denver-area limo companies are in trouble largely for two reasons. Limo companies rely heavily on business travelers...percent for the next two months. Small limo companies have been especially hurt by DIA...
- Two Limo Companies Fight Fees at St. Petersburg, Fla., Airport.(Originated from...
- Newspaper article from: Knight Ridder/Tribune Business News Albright, Mark June 4, 1996 700+ words
...hotels, attractions, cabs and limo companies for booking business for them. Two of the airport's four limo companies, however, refused to pay commissions...passengers over the past few years. Limo companies that pay the commissions simply...
- FlightView & Limo Companies: Navigate Business Bumps in the Road.
- Press release article from: Business Wire January 26, 2009 700+ words
...and reduce costs. With FlightView's FVXML Datafeed, limo companies can improve the customer experience with: * Confirmation...With information on more than 20,000 flights every day, limo companies across the country rely on FlightView to be there when the...
- Washington-area limo companies ready for tough day driving around VIPs.
- Newspaper article from: Washington Times (Washington, D.C.) January 20, 2005 700+ words
...officer of International Limousine Service. "This is a unique time. Pragmatic thinking must be on everyone's mind." Limo companies are on high alert, particularly with the government warnings that terrorists could use bombs in limousines to attack the...
- Limo companies get big assist from All-Star Game.
- Newspaper article from: Las Vegas Review-Journal (Las Vegas, NV) February 15, 2007 700+ words
Byline: Benjamin Spillman Feb. 15--Standing in line for a taxicab with tourists in fanny-packs is no way to experience the world capital of conspicuous consumption, especially for people in Las Vegas for the National Basketball Association's All-Star Game. Limousines are the transport of choice for
- Limo companies are stretched by proliferating competition. (limousine)(includes...
- Magazine article from: Puget Sound Business Journal Wolcott, John August 26, 1994 700+ words
Limousines are always glamorous, but the bottom line isn't always as pretty. A proliferation of stretched limos in the Puget Sound area is stretching limo firms' advertising budgets and shrinking profit margins. Fewer than 10 limo services were listed in the Seattle Yellow Pages in 1981. By 1987
- Many limo companies booked for upcoming NBA All-Star weekend.
- Newspaper article from: Denver Post (Denver, CO) February 15, 2005 700+ words
Byline: Julie Dunn Feb. 15--Want to spend NBA All-Star weekend cruising around Denver in a 39-foot stretch Ford Excursion SUV for $2,500 a day? Better call fast. Many local limousine companies say they're booked solid for this week's NBA festivities. More than 20,000 out-of-town visitors are
- Leading Limo Companies Integrate Real-Time Flight Info for Superior Service.
- Press release article from: Business Wire March 17, 2008 700+ words
LAS VEGAS -- 80 percent of leading limousine and chauffeured transportation (LCT) companies increasingly rely on real-time flight status information to improve customer service. According to an informal survey conducted by the leading provider of customized data feeds for the LCT market, the
- The San Diego Union-Tribune Don Bauder Column.
- News wire article from: Knight Ridder/Tribune Business News July 18, 2002 700+ words
...Super Bowl, as New Orleans limo companies did during...year, the New Orleans Metropolitan...representing 18 limo companies, sued Carey...certification in New Orleans, but that...to the local limo companies that lost the...
- New Orleans CVB Announces Aggressive Rebranding Campaign to Focus on Authentic...
- Press release article from: PR Newswire January 25, 2007 700+ words
...Marketing/Sales Initiatives and 'Forever New Orleans' Branding and Advertising Campaign CVB Also Announces Production of 'A Whole New Orleans,' a Travel Television Show Celebrating...s Culture, Traditions and History NEW ORLEANS, Jan. 25 /PRNewswire/ -- The New...
