Embroker Team October 24, 2022 2 min read

Passport Parking Saves 30% on Insurance Premiums

A man working on his computer, trying to find the answer to the question: is key person insurance tax deductible?

The Client

Passport Parking provides cloud-based parking and transit services in the U.S., Canada, and U.K., which enable its customers to replace capital-intensive, on-premise installations with much more efficient and effective solutions that are largely enabled by mobile technology. Fundamentally, the company’s services facilitate financial transactions between its clients and a large network of end users. And their customers primarily consist of municipalities, parking operators, transit agencies, and universities.

The Challenge

Unknown to them, Passport had several unnecessary exclusions on its D&O insurance policy, which resulted in inaccurate coverage and higher premiums.

The Journey

Passport seeks an alternative risk review from Embroker

Not satisfied with their broker and with only one month before their D&O policy renewal, Passport put in a call with Mike Sullivan, Embroker’s technology expert.

Passport was impressed by Sullivan’s knowledge and patience to explain all the fine details about their policy. Paired with the fact that Embroker has an easy to use online platform, they realized Embroker would be a good partner. They created an account and uploaded Passport’s policies for a comprehensive audit for potential improvements.

 

six mobile phones with Passport Parking app on the screen

 

Passport’s D&O coverage is improved

After the D&O coverage audit, Passport discovered that their coverage could be improved and that their D&O premium was higher than usual for a company their size, even with the exclusions.

Passport secured alternative D&O proposals with these exclusions removed and substantially lowered their premium.

Pie graph and bar chart for 2022 benchmark report

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Results

Passport saves 30% on premiums and streamlines their workflows

Passport gained peace of mind while significantly reducing their total cost of risk, thanks to Embroker’s easy to use platform, comparison insurance data, and industry expertise. She can also streamline their internal processes involving certificates of insurance directly on the platform – a vital part of their business.

Now that you have a better understanding of insurance for technology companies, you may be wondering how all of this affects your business and where to go from here. If you need more help or information, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, create your Embroker account today.

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