Protecting What Matters Most: Billboard Insurance

Protecting What Matters Most: A Sit Down with Trucordia on Billboard Insurance

In this business it’s not always a matter of if something will happen but when. As a part of the out of home industry, we can all agree that our assets need to be protected. Whether it’s from weather conditions, unwanted guests, or just circumstances we can’t predict, your board is important and needs to be looked out for. To help combat these issues, Formetco has partnered with Trucordia, a leading insurance brokerage who has entered the industry to help you protect your assets.

Formetco’s Director of Digital Sales, Britt McConnell, sat down with Trucordia’s Field Vice President & Producer, Casey O’Quinn to talk about what protecting your digital display looks like and how you can recover quickly when sudden events strike.

Britt: “Casey, thank you for joining us today. Let’s start with the basics, what are some of the most common things that insurance can help protect billboards against?”

Casey: “Outside of the obvious, which to me would be kind of your tornados in this part of the world or maybe fires out west where you’re insuring that physical structure right. So, whether it’s the pole or the face or a combination of that, you know the loss to that structure and then the ability to rebuild it back exactly the way it was. I think that is probably something most owners/operators think about, but the one thing that either people don’t know or don’t understand how important it is what we call business interruption. So, often times they think about ‘I’ve got to get this replaced’ but they don’t think about the loss revenue that’s associated with that asset basically not functioning…That’s a component of our program that is built in so that they can have the peace of mind that not only will the physical property be replaced but they’ll be made whole financially as well.”

B: “There are a lot of operators out there that have a lot of digital assets uninsured.”

C: “Yeah, there are some that are truly uninsured. What surprises me is really how many are underinsured. So, for instance if you’ve got somebody that bought a digital face 12 years ago, and whatever the cost of that face 12 years ago, like everything else has gone up, so the cost to truly replace that board in today’s dollars will probably be significantly different than what it was a decade or more ago. So, you see a lot of these folks that as the years have gone by, they haven’t updated that value to reflect current costs.”

B: “I’d like to go a little deeper on the loss of revenue because to me it is very important because let’s say unforeseen circumstances and something happens to a great performing asset. We are talking about a lot of revenue, and that’s a great peace of mind to help carry your operating cost.”

C: “No it is, and I think that it’s paramount that not only for people to be educated about it and understand what it is and how it functions. So, like I touched on earlier, business interruption, essentially its reimbursing you, the owner, for lost profit and any ongoing expenses. So, whether you’re leasing land or you financed it, whatever the case may be, you’re going to know that those costs that you’re obligated to are being met, that you’re still going to make your profit. And the other thing that I think is unique to this industry is that you could have a business interruption claim without anything even happening to a structure. Like you and I have talked before about an interstate getting shut down.  Think about how you’ve got this awesome spot right off of I-20 and something happens, a fire, whatever, and it’s shut down for weeks, months. So, think about the loss of revenue associated with that when in fact nothing even happened to the asset itself right?”

B: “Casey let’s dive into how this partnership of Trucordia has come to be. Me and you have known each other a long time, and I know we’ve done business in the past.”

C: “So probably for the last two years, I’ve worked with some of my team to build a program for this. It is designed with this industry and this industry only in mind. And you and I have kept in touch over the years, so obviously when I was able to get this put together, you were my first call. Because I’ve always enjoyed the partnership and think that you guys are the best in the business, certainly as far as products you put out. So yeah, I’m super excited and here we are.”

B: “Casey, before we wrap up, as you look ahead, what are you most excited about looking forward on this partnership with Formetco and Trucordia?”

C: “I’m most excited about just being a resource, being able to help. That’s one of the things I really do enjoy about what I do, is even though I sell something no one likes, in my mind I’m protecting someone’s business, someone’s livelihood, someone’s family. So, there’s that side of it for the customer. But then also, I have a sales team, you have a sales team. I want to make you and your team’s life easier and be another, as cliché as it is, an arrow in your quiver, so to speak. That if someone has an insurance question or a need, you’re like, ‘oh, we have a guy.’”

Formetco is excited about partnering with Trucordia to provide a reliable resource to their customers, because protecting your billboard is just as important as building it. Don’t let unforeseen circumstances catch you off guard, ensure that you, your asset, and your business are taken care of.

Be sure to check out Formetco’s Behind the Boards episode to dive deeper and hear more expertise on this topic.

For more information on Formetco’s partnership with Trucordia click here.

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