Truck Insurance Exchange is one of the best-known insurers, consisting of farmers’ insurance group. Trucks Insurance Exchange and Farmers Insurance exchange together with Farmers’ Insurance exchange, and Fire Insurance Exchange, with support from their affiliates and affiliates, give automobile, homeowners, personal coverage against loss and risks through insurance.
As it is a clear term, an “exchange” is an insurance organization, and truck insurance organization was formed under the provision of the California Insurance Code. It allows the insured to exchange the policies with other insured policy-holders.
Role it plays
As the insured cannot, on their own, get involved in the issue of policies, collection of premium, commission payments to the agents, they make an appointment of a third party. The third-party performs all these duties in exchange of a fee. Executed through a “subscription agreement”, the members sign this agreement, when they apply for insurance with the Truck Insurance Exchange. The members are also known as “subscribers”.
Who is the owner of the exchange?
The subscribers of the members are the real owners of the “exchange”. The make an election and elect a board of governors. They will retain the same position until they have the insurance coverage under their names. The board of governors makes the supervision of all the financial affairs of the exchange and the performance of the AIF (appointed Attorney in fact) and checks that the performance of AIF has taken place as per the terms and conditions, mentioned in “subscribers’ agreement”.
Does the exchange make losses?
When the premiums collected are in excess of claims payments and other expenses and fees, then the exchange could retain the earnings from the excess. When the premiums collected are not enough to meet the expenses and fees, then the exchange loses money. This is the reason it retains the surplus to pay for future losses.
Annual Revenue
Last known yearly revenue: $ 11.65 Billion (source)
Net income: $ -70.5 Million
Total assets: $ 17.02 Billion
Services Offering
- Truck Insurance
- Other financial services
Assets of Company
$1,917,014,497
Truck Insurance Exchange Services in below areas:
- Chattanooga, TN
- Birmingham, AL
- Chicago, IL
- Austin, TX
- Milwaukee, WI
- Tampa, FL
- Victoria, TX
- Sacramento, CA
Truck Insurance Exchange Quick Overview
| Opening Year: | 1928 |
| Founder | John C. Tyler and Thomas E. Leavey |
| Total Employee: | not available |
| Company Type: | Insurance |
| Email; | mediarelations@farmersinsurance.com |
| Headquarter: | 6301 Owensmouth Avenue Woodland Hills, California, U.S. |
| Phone: | 1-818-965-0433 |
| Website: | https://www.farmers.com/companies/truck-exchange-update/ |
| Facebook: | https://www.facebook.com/FarmersInsurance/ |