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Food trucks now have their own insurance policy

by

Justine Montminy

24 July 2018 13:30

Martel & Martel commercial insurance and collective has teamed up with Intact Insurance to develop the first font designed specifically for the some 250 trucks street food (food trucks) in Quebec. The firm is the exclusive provider of the program.

The idea came out ofAnne Martel, co-chair of Martel & Martel. A client has contacted the firm in order to make sure his truck along the street, but at the moment of approaching the insurers, the obstacles began. “Trucks-restorers are between the company and the automotive industry. It was not possible to ensure that the truck company, as he had no fixed address and the car insurance would not cover the broken machine. “, she explained in the Journal of the insurance.

Special features of the product

The police truck street food now covers the breakage of the machine and the operating loss. The restorers of streets were not necessarily hedged against these losses before. “These are the two big pieces important to the police. It was necessary to go in word-for-word of the insurance contracts to adapt to this new clientele. “said Ms. Martel.

Martel & Martel also had to take into consideration the liability in the creation of the police. This last automatically covers the liability for $ 5 million. “The insurers provide $ 2 million for a police car. Most of the festivals are asking to be covered for $ 5 million, which was a problem and several trucks were denied access to sites of festivals, ” adds Anne Martel.

Field work

It has taken almost a year to put on foot the police. Ms. Martel has chosen to meet directly with the restorers of these trucks to street in order to know their needs before you meet with the insurers. “This is where I realized that they were all poorly insured, and that they were not really aware that this was the case. A truck street this is an investment we are talking about an average cost of $ 115,000. “

L’Association des restaurateurs de rue du Québec (ARRQ), which has about 130 trucks of the street has subsequently commissioned the firm to build something specific for it. Today, Martel & Martel makes it accessible to the police at all the trucks street food, even to those who are not members of the Association.

Anne Martel has contacted a total of ten insurers before working with Intact. “We offered to insurers our ideas on a silver platter, but they were afraid not to make profitability over the long term, because the restaurant business is difficult in the insurance industry. It has still managed to build something completely new. This is rare in insurance. “

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