Risk Management 💯 Flashcards
GP08 FY20 HC Underwriting Guidelines
All Renters must provide:
- Valid driver’s license
- Current address/ place of employment
- 2 phone numbers/ email address
- Credit or Debit card in renters name
GP08 FY20 HC Underwriting Guidelines
Retail/ Corporate/ Other renting with Credit and Debit cards
Credit:
25+ must meet qualifications
21-24 must meet qualifications, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR, renter must pay $20/ day Young driver fee
18-20 doesn’t qualify to rent
Debit:
25+ meet qualifications, must renter verify, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR
21-24 must meet qualifications, must renter verify, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR, renter must pay $20/ day Young driver fee
18-20 doesn’t qualify to rent
GP08 FY20 HC Underwriting Guidelines
Specialty Vehicle Qualifications:
Specialty Vehicles include:
- Renter must be 25+
- Renter must pay with a Credit Card (Exception: 08/XZ Corporate Renters)
- Premium, Luxury and Sports cars
- Full-size, Premium and Luxury SUVs
- 12/15 passenger vans
- All exotic vehicles
Be able to explain the reservation policy for how we hable physical challenged renters. Know where to find this information.
2.0 drop down tools menu
DNR-know how to handle and what our processes are
- confirm that all of their info matches (DL#, SS#, Phone#, name, address)
- Call appropriate department
- Do not give them verbal information in your office to why they are on DNR
What is the financial impact if you fail to complete the van addendum? How is it allocated?
Branch: $25,000
City: $75,000
Corporate: Remainder
Be able to explain the conversion process and why we handle conversions this way
- When is ticket closed?
- When is the car removed from a branches books?
- What is the cost to the branch?
- How soon after can a recovered stolen unit be rented?
- Ticket is closed 72 hours after the conversion is sent in
- Car is removed from the branches books after 30 days after deemed official conversion
- The branch pays for the vehicle the statement month of the deletion, entire wholesale value
- Recovered vehicles may not be rented for a minimum of 48 hours and must have Risk Managers approval
What are your Uninsured losses (CLUE)?
Conversion
Employee Liability
Undocumented Damage
Employee Physical damage
What is the exception of to an uninsured loss?
Damage or loss of vehicle in a non-revenue generating state
Conversion
How does employee loss physical damage affect the company?
Branch: $2,500
City: $10,000
Group: Balance
How does employees loss liability affect the company?
Branch: $2,500
City: $10,000
Group: $12,500
Corporate: Remainder
Be able to explain when we write a DX and how to properly complete one
- Picture of damage is a MUST
- Description of damage
- Police report (Yes or No)
- Claimant (Yes or No)
- Insurance Name and Claim/Policy #
- Repair shop
- Deductible Collection
What is the three step procedure to follow with the ERAC car when a renter is claiming the vehicle was defective and caused an accident or injury?
- Ground car immediately
- Call risk manager and VR immediately
- Wait for instructions from VR to move the vehicle
What is the Mandatory Manufacturer Recall Policy?
- Never rent them
- Get them s/o ASAP if on the road
Know the 4 areas of unlimited liability exposure and how they affect the group
- Employee loss: employee damage
- Negligent Entrustment: customer doesn’t qualify, or intoxicated
- Negligent Maintenance: renting a LOFR
- False Arrest: renting a conversion to a customer before risk gives the 48hr approval
Be able to train on Collision and Comprehensive Reserves
-What type of losses affect them?
DW losses 12 month roll/ 12 x 110%/ # units in fleet
Subro ($ not collected) + DW losses + reserves/ # units in fleet
Know the difference and relationship between Loss Per Car and Reserves
What is the loss per car formula?
Formula to calculate loss per car
(Subro bad debt + DW losses)/ # units in fleet
What are the top 5 impactful ways to control Coll/ Comp Reserves- how do these positively impact losses
Proper Underwriting Proper contract initials/ signatures Detailed walk arounds Detailed DX’s Shop cars immediately
Know the Group’s expectations for recalls
Never rent them
s/o ASAP
Know the best practices to deactivate a recall in unit services
Vehicle info screen, hold status, quick search unit number, uncheck box, write location recall was done/ invoice number
GP08 FY20 HC Underwriting Guidelines
Replacement Rentals (B, I, D)
Direct bill approved, Direct bill not approved/ customer pay
Direct Bill Approved:
25+ must meet qualifications
21-24 must meet qualifications, SCAR or smaller plus Cargo Van
18-20 must meet qualifications, must have Comp/ Coll and Liability insurance that transfers to rental. Employee must fill out 18-20 tab after verifying with agent, can’t purchase DW or SLP, vehicle size limited to SCAR or smaller
Direct Bill not Approved:
25+ meet qualifications, must renter verify, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR
21-24 must meet qualifications, must renter verify, FCAR or smaller, renter must pay $20/ day Young driver fee
18-20 doesn’t qualify to rent
GP08 FY20 HC Underwriting Guidelines
Additional Qualifications
Disability- refer to the Mobility Device memo
12/15 passenger vans- Contract must be completed on a launchpad and Van Addendum must be completed
Prepaid cards- must have renters name on card and must appear in system when swiped
Military Rentals- must have military ID, must have copy of leave orders and commanding officers name, of 21-24 must have comp/ collision and liability that transfer to rental
College Rentals- if paying with debit card must have: student ID, proof of current registration, recent pay stubs (past 2 weeks), piece of mail showing name and current address, out of state drivers license accepted (only US)
