New DSPs:
We understand that when you first shop for insurance, your vehicles are typically just being ordered and you may not know detailed vehicle information – or how fast you will add additional vehicles. We have built a rating process that makes it super simple. Our quote will provide you with a Daily Composite Rate (DCR) by vehicle type. Typically, all your vehicles used at Amazon will either be classified as “light” or “medium.” We will provide you your rate (based on your station location) for each vehicle type and help you estimate what your initial insurance premium might look like.
Once your actual vehicles are delivered, we will receive those and any additional vehicles from Amazon automatically via the Amazon Fleet Tool – and we’ll classify them into “light” or “medium” and apply that daily rate to each actual vehicle. Your monthly premium will be calculated based on the actual vehicles reported to us from the Amazon Fleet Tool active for each day of the month. No reporting for you – and your premium adjusts automatically as your fleet changes!
Existing DSPs:
We have integrated with the Amazon Fleet Tool to automatically update your active vehicles. When you renew with Marsh, our quote will provide you with a Daily Composite Rate (DCR) by vehicle type. Typically, all your vehicles used at Amazon will either be classified as “light” or “medium.” Your daily composite rate will be based on the actual vehicles in your fleet, grouped into “light” or “medium.’ As you add vehicles throughout the policy period, we will automatically receive those updates from the Amazon Fleet Tool and will apply your daily rate. You will be notified any time we add a new vehicle – be sure to let us know if that vehicle is insured elsewhere and should not be added to your policy.
Because we automatically add vehicles reported to us as “active” in the Amazon Fleet Tool, it is more important than ever that you keep your fleet current in the Amazon Fleet Tool – be sure to mark any vehicles that are no longer part of your fleet as “inactive” so Marsh is notified and you are no longer charged to cover those vehicles on your policy.
Below is an example:
With Composite ratings, the average daily rate is determined for all vehicles located in the same area, of the same vehicle type. Composite ratings reduce fluctuation in the amounts paid per vehicle (unlike standard practices, which calculates a different amount for each vehicle based on endorsements to the policy).
Let’s say you have 2 medium and 4 light vehicles being added to your fleet. When Marsh receives this vehicle change, our system will automatically determine the number of days remaining in your policy term and multiply each vehicle type count by the number of days and their corresponding DCR provided in our initial quote proposal.
- Medium Vehicle Type: (2 autos x # of days x DCR) = the total addition of premium for the policy term
- Light Vehicle Type: (4 autos x # of days x DCR) = the total addition of premium for the policy term
For example, your DCR is $9.37 for medium and $6.84 for light. You have 2 medium vehicles and 4 light vehicles to add. You have 62 days remaining in your policy term. Here is the calculation:
- Medium Vehicle Type: (2 autos x 62 days x $9.37 DCR) = $1,161.88 total
- Light Vehicle Type: (4 autos x 62 days x $6.84 DCR) = $1,696.32 total
For vehicle removals, the same calculation would apply. Once the Amazon Fleet Tool reflects the removal of the vehicle from your fleet, we will automatically receive notice of the change and remove that vehicle from your policy and any future installments.