Shriver Insurance

The Oak Brook, Ill.-based Shriver Insurance Agency handles more than 500 accounts, with motorcoach operators making up approximately 300. The company has insured motorcoaches for the past 40 years that they have been in business.

Shriver advises new operators to first call around for an idea of pricing before they buy. "Sometimes, they're sticker-shocked, and they'll buy and think they won't have to pay much. Then they find out how much the insurance is." Most insurance companies require a minimum of $5 million in coverage.

Shriver also encourages operators to make sure they select an A-rated company. They recommend using A.M. Best, a full-service credit rating organization, providing ratings and analysis that help assess the creditworthiness and financial strength of risk-bearing entities and investment vehicles. This global organization constantly monitors and updates ratings on companies, including insurance agencies. They also publish a new book annually, listing ratings. "They have to have [a certain amount of ] financial assets, versus the liabilities, to make sure they're able to pay all the claims," Shriver explains. The rating  drops when the company has less ability to demonstrate this type of financial ability. "You don't want anything under a B."