Progressive Releases Terms for Usage-Based Insurance Licensing Program

December 21, 2012Email ThisPrintNewslettersTweetArticle1 Comments

Progressive Insurance is making the intellectual property it owns available to companies interested in implementing usage-based insurance (UBI) programs under a new licensing program.

Progressive said licensing may be available for UBI programs under the following terms:

Term of Agreement: Commences the date license is executed through April 2022Waiting Period: Licensees will not rate insurance based on its customers’ driving habits prior to April 1, 2015Licensing Fee: Annual royalty payment equal to licensee’s countrywide Private Passenger Auto insurance direct written premiums for the most recently reported year, multiplied by two basis points (0.02 percent)Progressive also has the right to licensor recognition

Application for Licensing under these terms is open through June 2013, with payments commencing with usage on or after April, 2015.

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Progressive Expands Commercial Auto Coverage Limits

April 23, 2012Email ThisPrintNewslettersTweetArticleComments

Progressive Insurance has doubled the available liability limits of its commercial auto policies. It now offers options for $1.5 or $2 million. The expanded limits mean business owners won’t need to buy a separate umbrella policy to meet the liability requirements for large projects.

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