Starwind Equipment - Randi Glazer

Starwind Equipment offers reliable solutions for Property Damage Insurance (PDI) and Extended Service Contracts (ESC) that maintain cash flow and protects your equipment. When purchased together, these products ensure minimal out-of-pocket costs and maximum peace of mind.

They offer products that provide stability of cash flow for your equipment: Property Damage Insurance (PDI) Our PDI features multi-year policies up to 60 months, comprehensive coverage — Including protection against terrorism* — Without rate increases or cancellations. 

Extended Service Contract (ESC) Our ESC provides a master parts schedule, no deductible for covered repairs, and a streamlined claims process that reduces downtime. 

Why purchase our Physical Damage Insurance? 

• Multi-year policies for the life of the lease or the loan up to 60 months — For the life of the multi-year policy your rates will never increase, and we won’t cancel your policy. 
• Most robust coverage on the market — Comprehensive coverage including terrorism* 
• No coinsurance — We will not penalize you if your values were adequate at policy issuance. 

Why purchase our Extended Service Plan (extended warranty)? 

• Comprehensive master parts schedule — For damage due to mechanical breakdown. 
• No deductible — This means ANY covered equipment and labor won’t incur a deductible. 
• Streamlined claims process — Quicker payment to the dealer for repair of the equipment.

Transcript

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Jesse Stakes: Hey everybody, welcome to this week's episode of Making Sense of Ital. I'm Jesse Stakes, and today I have Randy Glazer, she is with Starwind Insurance. Randy, thank you so much for joining me.

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Randi Glazer: My pleasure.

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Jesse Stakes: So, you were on the show before, we had a great conversation, and we kind of, you know, there's some of the things we'll probably touch again, just because it's, you know, there's some in-depth things that you guys do, but also, we wanted to kind of, you know, move forward, dude, like, cover, cover some additional things. So, you ready, you ready for me to just start shotgunning questions at you?

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Randi Glazer: Absolutely, love it.

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Jesse Stakes: So for those who didn't have the opportunity to listen before.

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Jesse Stakes: Tell me a little bit about what you guys do at Starwind Insurance.

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Randi Glazer: Hi, Jesse! I'm so good to… I'm so happy to be here again. So, we… it's Starwood Equipment Insurance. Starwood Insurance is the… the parent company. We're one of 65 programs, so our program does

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Randi Glazer: Physical damage insurance, up to 60 months when it's tied to a lease or a loan, and extended service contracts at the point of sale, also up to 60 months, 5,000 hours. And we're here to… we're solving, the… the pain points that come with… with heavy equipment ownership.

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Randi Glazer: Because with the United Auto Workers Union, that they had passed, record labor costs that actually oversee the machinists who do the equipment on, sorry, who do the repairs on this equipment.

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Randi Glazer: Just in New York and New Jersey alone, the hourly rate is $268 an hour.

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Randi Glazer: So, that rate's only going to go up. What you're doing is you're locking in your rate now, especially for the ESCs, extended service contracts.

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Randi Glazer: So this way, you know that there's going to be losses or claims that… or repairs that happen later on, in year four, in year 5, or actually year 3 after the warranty ends. Do you really want to pay $12,000 to $15,000 out of pocket, or would you rather pay up front, and this way you're covered not just for that repair, you're covered for other things? And we have a very extensive master part schedule, so it's not…

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Randi Glazer: wear and tear to your equipment, it's failure to a covered component. So what we want to do in this space is not only offer the best products, the broadest products, we want to be able to educate our customers and let them know, this is why we add value, not just buying a policy, you're buying more than that.

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Jesse Stakes: No doubt. Well, and you're… and so just to kind of distill this down for my listeners, and you correct me if I'm wrong here, you're protect… you're giving them peace of mind, and you're protecting against downtime, per se, to where they have a piece of equipment that they maybe can't replace, or they cannot service.

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Jesse Stakes: And then that equipment is out of service, not making them money as a business, and so you're protecting them against that downtime, or against having that piece of equipment go out of service, correct?

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Randi Glazer: Absolutely. So what we do is not just for the customer, or the insurer itself, is we're also helping the dealerships.

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Jesse Stakes: Right.

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Randi Glazer: How it works now is that

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Randi Glazer: the equipment is brought in, they probably don't tell anybody that the equipment's brought in unless they know that it's insurance. When it's extended service contracts, they wait till the end of the repair, and then they tell someone, hey, we just repaired this. So now, everyone's trying to scramble and think, okay, is this covered?

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Randi Glazer: How much is it? Do we need any photos of the parts? What we do is, you tell us at the beginning. So this way, we can say, well, this is covered by insurance, this is covered by extended service contract, or it could be a little bit of both, and we'll tell you if it's going to be covered or not. Why should you wait? You know, it shouldn't be a mystery.

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Randi Glazer: if it's covered or not. With insurance, there's language, there's regulatory, there's this and that, but we've taken the stress out of that because we want to pay claims. We want to be there for you. So, in order for the insured to get their equipment back, the dealership has to be paid. So, you're the dealership, you've spent 10 hours of labor on this piece of equipment, and now you're stuck because you've got to wait 60 days to get this

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Randi Glazer: art.

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Randi Glazer: Well, tell us about those 10 hours, we're gonna pay you for that, then when you get the part in, and you finish up the repair, we get the rest of the information, the receipt, and we pay you right away. So, we've actually sped up the claims process by at least 2 weeks.

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Randi Glazer: So, this way, the dealer doesn't have to incur the insurance for keeping it on their lot from their garage keepers. Their customer's not losing all this money every day. Let's say they lose $3,000 to $5,000 a day by having that equipment out of service. We don't want that. We want… and then if they don't have it, they're gonna have to go and rent a piece of equipment. Well, all that's not fair.

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Randi Glazer: So, we put ourselves in the customer's shoes.

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Jesse Stakes: Yeah, no, I think it's fantastic, and I mean, I've seen it firsthand, where, you know, you've got a piece of equipment, and I think sometimes people have a hard time, we'll go through this in a second, as far as what equipment you're actually talking about, because I've seen things as simple as, you know, a van that people have in service, where they have it fitted with medical equipment, or they have things

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Jesse Stakes: They have it to where this piece of equipment actually is something that they use every single day.

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Jesse Stakes: And then, if it goes out of service, if it's something as simple as an alternator, if it's something as simple as some… anything that would keep it off the road, it's costing them money every single day that it's out of service. So, it's… and if they can't, you know, if they don't have a service contract on it, and if it costs them…

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Jesse Stakes: thousands of dollars that they may or may not have to fix this, then all of a sudden, it's an unexpected capital equipment expense that they were never budgeting for, that, you know, it may even end up having to be something that they credit card, or that they put onto a loan of some sorts, rather than just having it taken care of and having the peace of mind that it's there.

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Jesse Stakes: The question that I was gonna go to, though, with this is…

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Jesse Stakes: a lot of people, when they think of heavy equipment or large equipment, they're thinking yellow iron. They think, you know, oh, that's, you know, that's all it is. Broaden that perspective for people, though. I mean, as far as… because, like you're saying, you guys talk to dealers, you talk to, you know, you talk to people that are end users of equipment, but it's like, tell, you know, tell my audience.

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Jesse Stakes: What is equipment, or what is heavy equipment in your eyes?

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Randi Glazer: So, this might not be everything that we underwrite. Sure. It could be agriculture. It could be anything that's used for, for moving, moving, stuff, so things in a warehouse where you're moving things around.

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Jesse Stakes: Worklifts.

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Randi Glazer: Yes, forklifts, absolutely. It could be… it couldn't be… it doesn't have to be things that are outside, it could be things that are inside, like the forklift. Anything that is used for, for commercial equipment, for anything, so…

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Randi Glazer: it's not necessarily in the marine, but it could be manufacturing equipment. So, there's all different ways to cover it, but when you think of large equipment, so

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Randi Glazer: We don't write anything that's titled or plated. We have a very…

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Jesse Stakes: and I don't mean to interrupt you, like, CNC milling machines, or, like, large, large heavy-duty equipment that is stationary inside of a factory that costs them hundreds of thousands of dollars, but they, again, they may not think about it as something that they have to…

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Jesse Stakes: you know, sure, because they might be thinking about it like, oh, I don't need to cover this because it's inside, it's protected, quote-unquote, but again, it goes down, costs them thousands of dollars in downtime as far as from actually generating revenue, and it also costs them to fix it.

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Randi Glazer: So, with stuff like that, that's that large, and it could be out of warranty, there wouldn't be an extended service contract. So then that's… that's capital that they need to set aside to… that they might incur a loss. They might incur something. So that's a whole different animal. But that is very important, because that means that if that piece of machinery goes down, that maybe their whole line is down until they can fix that. With something that large, they probably have mechanics on…

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Randi Glazer: on hand and things like that, but the small to medium-sized guys.

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Randi Glazer: They don't have that. They're out wrong. Right. It's not like you're dealing with a really big construction company that they'll never buy the extended service contract, because they have mechanics on hand.

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Randi Glazer: So that's… I mean, there has to be some way… so what insurance does, and even ESC to a certain extent, is risk transfer.

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Randi Glazer: So you're paying because you think that there's going to be a loss, and I'm betting that there's not going to be a loss, but you're transferring that risk to somebody else, just like homeowners insurance and car insurance and all that other stuff. But people think that, well, you know, I'm going to get screwed if I buy this extended service contract, and that's what we're trying not to do. We want to be there for them. That's why we'll tell you up front, is this covered or not? And if we say that it's not covered.

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Randi Glazer: There's some things that wear and tear. Look, batteries, or fluid, or anything like that.

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Randi Glazer: that's a… that's something that is not covered under anything. I mean, if you get, like, wear and tear for your car, automobile is very different than construction equipment. Different laws, consumer laws versus commercial laws, have gone through all this, trust me, and every state's different.

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Jesse Stakes: Well, and I think that, you know, when you talk about people, like, kind of saying, do I take it, do I not? I've always…

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Jesse Stakes: confused minds say no. And if they don't understand it, if they're not… if they're not comfortable with it because it's a topic or something that they don't understand, a lot of the times people will say, no, I don't need that, or I'm not gonna… I'm not gonna take that. And the reality of it is, is that most people, most business owners, most people that are, you know, if they're… if they're…

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Jesse Stakes: if they're running yellow iron, or if they've got, you know, if they're running a manufacturing facility, whatever it is, they're not insurance experts. And so, a lot of the times, they're like, okay, what do I need to have? They're not thinking about, what should I have? And so I think that that's a, to me, at least in what I have seen, that's one of the biggest problems, is that they're like, I need whatever I have to have to operate my business, but they're not thinking about it from a perspective of.

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Jesse Stakes: you know, what are the proper insurances, or what are the things that I should have in place, so that if X, Y, and Z happens, that I'm okay, that I'm in a better spot? And to your point, I thought that was a fantastic analogy. You know, it's not just an analogy, but you're…

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Jesse Stakes: you're transferring risk, or you're… it's two sides of it. Like, you're betting… I'm betting that something goes wrong, you're betting that something does not, but it's like, you know, you gotta weigh what… the what-if. What matters to you as a business owner? Is it worth it? And I think that…

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Jesse Stakes: I just don't think that they're as educated as they could be, so hopefully as we go through this conversation, you know, there's one or two things that people glean from it that really clue them in that this is something that is of absolute value.

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Jesse Stakes: You know, I wanted to step back a little bit and just talk about your personal journey, and how did you get involved in this business? Like, I don't think anybody wakes up as a 6-year-old girl and says, yeah, I want to be an insurance agent. Maybe you did, but it wasn't matter.

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Randi Glazer: Never happened. Like, everybody else I know, except for maybe 8 people, they all fell into it. So, one of my friends, years ago, answered an ad in the newspaper. Remember, we used to have, like, Sunday Times.

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Jesse Stakes: Right.

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Randi Glazer: do that. So, everyone I know fell into it. Nobody thought, you know, I really want to do insurance, but I have to say, if I wasn't an underwriter, I don't know what else would really satisfy me, because it scratches every itch that I have. I love to research. I'm a Scorpio. I love to research. I love to dig in. I love to learn new things. Every day is different. On my desk, I've done things from

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Randi Glazer: ensuring homeowners, like Oprah Winfrey and Bill Gates' house many years ago, to writing a $10 million diamond that was, you know, that someone owned.

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Randi Glazer: to writing, underground mining and Class 1 railroads, and I was part of the rebuilding for 9-11, with the builder's risk there. So I've done a lot of really cool things, but the average person… I've talked to many people that live in my community, and I'm like, you know, you have a… they would say they're not setting their alarm. I said, did you have your alarm set up? Part of the homeowners is you have an alarm system.

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Randi Glazer: And they would say, well, no, I don't set the alarm. Did you set it up? It's paid for. Did you set it up with the…

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Randi Glazer: Central station, I'm like, no, okay. Did you tell your insurance company you have an alarm system? Yes. If you don't set it up, and you don't turn it on and use it like you're supposed to, and there's a loss in your house, let's say, God forbid, a fire or something, and they find out that you didn't do that, it could have been prevented because there was Central Station Alarm.

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Randi Glazer: They're gonna deny your claim. Not only that, if there's smoke that goes into one of your other homeowners near you, they're gonna deny that too.

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Randi Glazer: But nobody really teaches you these things, or tells you these things, or they'll say, like, well, you know, even though there's standing water behind my house because there's a pond, I'm not getting flood insurance.

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Randi Glazer: Well, the difference between flood and water damage. Water damage is inside your home, flood comes from outside your home. And it comes down to training, it comes down to people understanding what their customer needs, and that's probably why people don't know the insurance that they need. 100%.

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Randi Glazer: Even when you go to direct to a company, like I did for my homeowners, I… I know what I want, and I tell them what I want. But if you're just given a policy, they call it a policy of adhesion, which is like a homeowner's policy, an order policy, you can't change it.

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Randi Glazer: That's why the onus is on that company, because they're the ones selling the policy. But we, as a little guy, can't change the policy. This is what homeowners covers, this is what auto covers.

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Randi Glazer: You know, unless you're… unless you're doing, a…

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Randi Glazer: a specific policy, let's say you're a really big company, and you're gonna do something that's manuscript, you don't get to decide.

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Jesse Stakes: Right. You're buying a product. I mean, it's not… you're not create… you're not creating a product, you're buying a product.

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Randi Glazer: Correct. That's exactly correct.

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Jesse Stakes: So talk to me a little bit, because I know that you have brought your product and service to Starwind, and so tell me, how did that relationship start? What made you choose to bring it underneath their banner?

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Randi Glazer: You'll love this. So, the last company that I was at, we lost our funding, and I had a third-party administrator who I absolutely adore, and I said, can you help me? And he says, let me think about this, and he set up a meeting with the president, literally the next morning at 10.30, I met with him.

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Randi Glazer: And they asked me if I was looking for another partner, and I said, well, listen, Rafi, my friend, Rafi says that you're the partner for me, and I've been married a long time, and I don't like dating, and I said, I'm going to move forward with you. And I couldn't have asked for a better partner, Jesse. They have been so wonderful. They have great internal resources, they listen, they're willing to help me with anything I need, IT needs.

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Randi Glazer: internal resources, licensing, and stuff like that, and everything happens for a reason. So, last July, I thought, oh my god, my world's ending, and then last October, when I started with them, I was like, thank God. I would never have left that other company, and I'm so grateful to start with them, and it just came together really well, and God was looking out for me.

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Jesse Stakes: That's fantastic. And it's just… it goes along to what we said earlier. It's, you know, as far as… we were talking… when we were talking before we started recording about the… there's a huge value in making sure that the company that stands behind the policy that you're buying, that… that… that you know that that company is sound, and that they're… that they're gonna be there when you need them.

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Randi Glazer: Yes, so the third-party administrator and the… our paper, I said to them, we're going to pay claims. We're not looking to deny claims. If it's covered, we're going to pay for it. And even if we're not sure, could it be covered, couldn't it be covered, we're going to do the right thing for the customer, because that makes me feel good. It doesn't make me feel good to deny claims. And if it's not covered, and it wouldn't have been covered, we have to put ourselves in their shoes.

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Randi Glazer: want to be told, because at the… for the small and medium-sized people, we need to be their advocate.

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Randi Glazer: That's the thing that's missing. We need that empathy, you need that compassion, where we're going to do the right thing for you. Even if it's not… I mean, Chuck does this all the time, it's another competitor, but they do this all the time, where… even if it's not covered, we want to make the customer happy.

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Jesse Stakes: 100%. 100%. So let's dive into it a little bit. Let's talk about… you guys have two… you have two lines that you're really focused on. And the first is property damage insurance.

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Jesse Stakes: And the second is extended service contracts. And let's… let's… talk to me a little bit about property damage insurance, and how it differs from just somebody who feels like… they're like, well, I already have equipment insurance, you know, like, what…

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Jesse Stakes: What is the difference there? Why would they… why would they have both? Why would they… why would they consider property damage insurance, in addition to what else they have as far as in their… within their insurance portfolio as a customer?

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Randi Glazer: So, let's say that you're a medium-sized client, you already have a schedule of coverage that's with another company, and that's an annual policy. Well, that's great, that's wonderful, you could probably add this on there, but you're not going to get 60 months of coverage that's not cancelable by us. If you sell the piece of equipment, of course, we'll cancel it and give you a pro-rata refund, but you're not going to have something that's just for this piece of equipment that's tied to that loan.

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Randi Glazer: Where that finance company is very happy that they know that the life of the lease or the loan up to 60 months is taken care of.

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Randi Glazer: So there's really not that much difference, although we do offer, or we do have, tree insurance, terrorism insurance, that's embedded. It's part of it. It's not additional.

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Randi Glazer: So we cover you for anything. So let's say that the 2020 riots were not just for automobile dealerships, it could have been for, construction equipment dealerships, and your equipment was on that lot, and they decided to deem that terrorism.

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Randi Glazer: We would cover that, whereas other companies would be like, no, we're not. So, there's not that big of a difference, except they only write that for 12 months, we write that for the life of the lease or the loan. And extended service contracts, so language is important. If I was a manufacturer, it would be called warranty, or extended warranty.

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Randi Glazer: So, a warranty is something that's embedded in the price at the original purchase price, and extended warranty is something that the manufacturer can offer. We call them extended service contracts because we're not the manufacturer. We're the obligor, we're the ones who are the administrators of it, and we step into the shoes after the warranty ends.

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Randi Glazer: The difference between this… so…

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Randi Glazer: Physical damage insurance, or inland marine coverage, whatever you want to call it, is regulated.

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Randi Glazer: So, we have to follow certain laws, filings, all that stuff, 50 different departments of insurance. Extended service contracts are the Wild West for commercial equipment. Not for consumer equipment, like for your laptop.

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Randi Glazer: But it's… it's the Wild West in that, there's no regulation, you don't need a license to sell it, you… you don't necessarily need insurance backing, we have insurance backing. You can actually put up a bond, you can put up assets, you can put up money to back your extended service contracts. So it's… it runs the gamut, and some people are actually selling this and probably are not properly backed.

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Randi Glazer: So, it goes back to the ability to pay versus the willingness to pay, and we feel that we have the right

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Randi Glazer: products and the right competitive advantage with our claims, because, like we said, nobody's really reading these contracts, so it's our duty, I feel it's our duty, to do the best for the customer, take both of them. Even if you only purchase one from us, we're going to ask for the other one, because that's the right thing to do, because this is what I would want for somebody to do for me.

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Jesse Stakes: Right?

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Randi Glazer: Their business is construction. Their business is running their machinery and making money. Their business is not reading these contracts.

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Jesse Stakes: 100%. Well, and that's… like, we had that conversation where it's like, you've got these people, they're focused on doing their job, they're focused on making money for their company, so it's… they get insurance, or they do these things because they know they have to. It's not a want to, nobody says, I want to buy insurance, but at the same time.

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Jesse Stakes: When something goes down, when all of a sudden that piece of equipment goes out of service.

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Jesse Stakes: Now they want it, now they wish they had it, and they… and again, it goes back to the fact that they need a company that's backing it that actually supports… that wants to make sure that they're paying the claims, that wants to make sure that they're taking care of their customers, and that they have a customer for life, not just for a one-time sale.

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Jesse Stakes: On the pro… I want to go back to the property damage insurance for a second, because I think you said something that's very key to me and what I do all the time for a living.

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Jesse Stakes: you're making sure that somebody is covered. If they do a 60-month loan to buy a piece of equipment.

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Jesse Stakes: they're covered for that whole price. As far as the lender is covered as well. So, when it comes to risk mitigation from a lending perspective, when you have people who are… because one of the things that gets talked about when somebody's looking for a loan is, what's the usable life of this equipment, and also.

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Jesse Stakes: are we going to be made whole in case something happens? So, if you have somebody who goes out and buys a piece of equipment for a million dollars over a 60-month term.

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Jesse Stakes: And then a year into that.

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Jesse Stakes: The piece of equipment is now depreciated, because it's a used piece of equipment now, and something happens to it, and the customer

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Jesse Stakes: Can't… like, either that they… from their perspective, they need the piece of equipment fixed, the lender is concerned about being made whole, and if they're not in a situation to where what they have is adequate.

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Jesse Stakes: If you have, you know, if you have a gap in that coverage, or if you have a… if there's… if there is a, you know, a space between what is… what is owed and what is covered.

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Jesse Stakes: That can become very sticky for that client, because now, all of a sudden… and the bank doesn't like it either, because they're gonna have to write… they're gonna have to write down a loan, or they're gonna have to take a loss on something that they never wanted to take a loss on. But it destroys the relationship that they have with that client. They're probably never gonna do business with each other again.

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Jesse Stakes: it makes the bank look bad because it affects their balance sheet, but then it puts the customer in a terrible position because they are now in a position to where they might risk credit, like, a credit default. They might, you know, it destroys their reputation with the future banks that they may have as well, correct?

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Randi Glazer: Yes, because they would have to disclose a lot of that. So, one of the things that we do that our competitors don't do, I mean, a lot of insurance companies don't do this, everyone focuses on replacement costs.

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Randi Glazer: We don't offer replacement costs, because what happens with replacement costs is you need to replace the item. So let's say you had a total loss on that million dollar piece of equipment, you would get 80% back, you'd have to replace it, give the receipt to the insurance carrier, and then they give you the other 20%. What we do is we offer 100% actual cash value.

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Randi Glazer: So, believe it or not, the equipment that we're talking about, construction equipment, does not depreciate as fast as automobiles or anything that goes over the road.

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Jesse Stakes: It doesn't.

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Randi Glazer: We don't write tiled and plated. So, the equipment that we have, let's say it was a million dollars, we write half a million under, but let's say it's a million dollars, that depreciation is going to be very small. Maybe it's going to go $50,000, $100,000. What we've done

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Randi Glazer: And there are a lot of finance companies that have master policies where they're issuing certificates to their customers, and the finance companies are named insured. What we've done is we have the insured as the named insured, and the finance company as a lost payee. So they're paid off first, and that amount for the 5 years is adequate. It's the MSRP, the manufacturer's selling price.

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Randi Glazer: So, if it's a million dollars, then it should be adequate for those 5 years. Even with the depreciation, it should have absolutely no effect on it. So, let's say that someone put down 20%. That $200,000 that they have in equity will be paid back

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Randi Glazer: If at a total loss. Companies paid off.

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Randi Glazer: the insured's paid off, everyone's… we're indemnifying, we're trying to make them whole. No one's supposed to, you know, game the system and make some money on this, but there… there is something, you know, to having the… the insured… the customers are named insured, rather than just the bank, because then the bank only cares about the bank, they don't care about the customer, they care about their income stream coming back to them. So there… there is a lot… there is a lot to it, and people don't really think about it, like, okay.

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Randi Glazer: I put…

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Randi Glazer: $100,000, I put $20,000 down. Don't you want your equity back? Especially if there's a… let's say there's a theft. Don't you want that back so that finance company's paid off, you're made whole, and you can go out and buy something?

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Jesse Stakes: 100%. Well, and, you know, the other side of that, too, from a financing perspective, is that financing companies will look at that replacement cost, and they'll say, okay, what are we potentially going to get back here when it comes to that? So, putting this layer of protection in place on that side, it also makes you less of a risk from a financing underwriting standpoint, because now they know that they are going to be made whole regardless.

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Jesse Stakes: So it gives them a comfort level, it lowers that risk level in their mind, so they're much more likely to lend to the customer if they have something like this in place. So those companies who are, you know, they might be… they may be fighting to get a loan.

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Jesse Stakes: to, you know, to support the equipment that they need for their business. This is something that could potentially help you as far as, like, lower your risk profile from a bank perspective, and help you get more yeses and nos when it comes to purchasing your equipment.

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Randi Glazer: Absolutely. So, where you would want replacement costs is probably in your home. Even your automobile policy doesn't have a limit on it. Commercial policies do, but personalized policies have no limit. You don't know what you would get back if there's a total loss until it happens, and they look at a Kelley Blue Book, and they say, this is what it's worth. We don't do that. You insured this equipment, it's new, this is what the bank's getting, this is what you're getting.

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Randi Glazer: There's no guesses, there's no, like, oh my god, am I going to be paid back? No, no, we're here for you.

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Jesse Stakes: Yeah, no, I think it's fantastic. On the extended service plans, you know, I think that…

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Jesse Stakes: I think, again, some people, like, you know, from a… like, and you said it about the personal side, people kind of… people kind of look at it as a warranty, or they look at the… they look at it sometimes, and they're hesitant, because

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Jesse Stakes: they don't really have concrete examples of what could happen, what are things that actually happen to where this becomes of value to you as a customer. Sometimes they just, they see it as a concrete expense, but a fictitional potential

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Jesse Stakes: What if in their life.

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Jesse Stakes: Give some people some examples of some things, like, just so they have a real example in their head of how an extended service plan helps them as a customer.

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Randi Glazer: So, with extended service contracts, if you compare it to an insurance policy, an insurance policy is a fortuitous event. You don't know what's going to happen, we've defined these are the perils, fire, wind, earthquake, you know, all those… overturn, all those different things.

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Randi Glazer: With the extended service contract, it's not a fortuitous event, it's not insurance. Something will happen. We don't know when, we don't know what it's going to be, so you're kind of hedging your bets, because the warranty will expire in 12 to 24 months, and then we pick up. So, I look at this for… we had a… bought a car a few years back, and I said, okay, the extended service contract is this

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Randi Glazer: amount, and it's going to cover the oil changes. And the oil changes would cost about this amount, so I'm like, okay, I'm in my head, I'm like, alright, so I'm prepaying the oil changes for the next 5 years. I'm like, so this makes sense, because there's always markup and everything in there. This is my finance brain doing this. But for an extended service contract, you think to yourself, okay, an average claim is $12,000 to $15,000, it could be more than that, so this is going to be $35,000, I'm covered, and

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Randi Glazer: If I sell the piece of equipment, you're gonna get a pro-ratic cancellation. You just didn't pay it off, you got nothing, you sell it, something happens to it, it's stolen.

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Randi Glazer: We give you your money back. So, there are upsides to it, and there is that peace of mind, because with the way that labor rates are going, I don't know what the future can be. $268 in New York alone is a lot of money.

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Jesse Stakes: You're not kidding. It's crazy. So, what about, like, eligibility, as far as equipment eligibility? What are the, you know, what types of equipment is eligible to be covered?

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Randi Glazer: So, we mirror what's it for physical damage in ESC. So, we write things that are under half a million dollars per piece or per policy. So, the extended service contracts, each piece is its own policy. For physical damage insurance, multiple pieces can be on there. We write things on the physical damage that are less than 20 years old. For ESC, it's new equipment.

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Jesse Stakes: Okay.

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Randi Glazer: Right? We write the gamut. We don't write agricultural equipment, things that are used specifically for that. If it's a tractor and it's used that's not… a use that's not for agriculture, we write that. No logging, no forestry, no above or below ground mining, no cranes, nothing that will be used for a rental.

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Randi Glazer: Rentals are specifically excluded from insurance policies unless you buy a rental policy, so people don't understand that. And this is not covered under your homeowners. People also think, oh, well, I got this with an excavator. Yeah, that's not covered under your homeowners. If it is, it's probably not for the price that you paid, and it's very…

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Randi Glazer: specific. So, you know, I can tell people, read your policies, but that's what you have agents for. You know, that's what you have me for. But people don't read it. It's so dry, you'll fall asleep reading it.

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Jesse Stakes: Well, and again.

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Jesse Stakes: they don't necessarily understand it. Even if they… even if they read it, they don't necessarily understand it. It becomes… like, once they started to get into situations to where they have to deal with a claim, or they have experience with it, then all of a sudden, the things that they read start to make sense, but it's in the… it's kind of… it's an afterthought, because you don't know it until you go through it, until you have to actually have to deal with it. And that's the value of having someone like yourself.

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Jesse Stakes: Because you deal with it every single day.

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Randi Glazer: Isn't it true there was a commercial years ago that said, an educated consumer is our best customer. And it's so true. If someone who's already had a claim.

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Jesse Stakes: Yes. They know what they're buying. Yep. It's like somebody who's bought a bunch of houses, or who's actually in the business of lending. It's like the mortgage officer that gets them, when they hand them a full package, and they say, hey, here you go, I need a mortgage. And it's like they're an easy client to deal with.

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Jesse Stakes: Yeah. But, I agree. I got some questions that I'm gonna kind of, kind of fire at you. You ready for them?

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Randi Glazer: Absolutely.

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Jesse Stakes: So, it's… if… Deductible-wise, is there any deductible on an extended service contract?

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Randi Glazer: So, in the marketplace, yes, there is. On ours, there's not. We decided to make it as easy as possible. Also, we look at the construction equipment holistically, which a lot of people don't do, so…

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Randi Glazer: If you bring your equipment for repair.

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Randi Glazer: We're going to also pay… no one does this, we're going to pay for an oil testing and a hydraulics testing to make sure that there's nothing else wrong with the equipment. So, believe it or not, oil testing will tell you if there's dirt in there, if there's aluminum, if there's lead, there's other… there are things that can tell you what could potentially go wrong. So, we want to head that off at the pass and mitigate that. So, for $40 or $50 to get a test, let's fix it now while it's here, because no one wants more downtime in the

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Randi Glazer: future.

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Jesse Stakes: God, no. So, if they buy both products from you, because we've been talking about two different product lines, do they… is it… can they… can they utilize one claim to, like, on both, or is it one of those things to where it's separate claims and separate services?

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Randi Glazer: It would… if it was a claim that could be possibly paid by either or, it's one claim.

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Randi Glazer: It's handled by one claim rep, and we determine, okay, this is 30% on extended service, and the rest of it, let's say there's a part that caused the equipment to go on fire. That part would be… there was a failure, was covered by extended service contract, or your warranty, and the remaining damage was covered by your physical damage insurance.

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Jesse Stakes: Very good. If you have a total loss on your equipment, do you get paid for it? Like, is it 100%… you get 100% of the value back on the equipment?

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Randi Glazer: So, what we do is, every person who… every customer who purchases a physical damage insurance policy with us

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Randi Glazer: gets a battery-powered GPS unit that lasts for 5 years. If it's less than 5 years, we'll send you a new one at no cost to them for each piece of equipment, and what you do is you activate it so the insured can see where their equipment is.

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Randi Glazer: We can see where the equipment is. It's not about, you know, them driving or anything. We want to know where it is for aggregate purposes in the event of a hurricane or a catastrophic loss.

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Randi Glazer: So, they can see where their equipment is, we see where their equipment is. If we believe it's been stolen, we can put it into location mode, where we will figure it out where it is. We actually had this demonstration. There was a company that lost a cargo shipment, and it was in Miami somewhere, and they activated this, and as soon as they was out of some garage that it was in.

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Randi Glazer: It started paying. And this system, which is really cool, they can actually send a link to the cops.

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Randi Glazer: And then the police can go and find it and arrest them and do whatever they need to do. So, we… we have… so part… part of what we have for physical damage is this GPS unit, and I'm missing what you just said for the question. You wanted to know

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Randi Glazer: Sorry.

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Jesse Stakes: No, you're good. Just the total, like, that you're gonna get paid back $100.

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Randi Glazer: 100% of the actual.

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Jesse Stakes: cash.

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Randi Glazer: So, the extended service contract won't pay theft, we pay theft. So, if you have that GPS unit on your equipment, and it's still working, we will waive up to $5,000 of your deductible, and we will pay you 100% actual cash value of whatever the equipment is worth at the time of loss.

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Jesse Stakes: That's fantastic.

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Randi Glazer: So, this way, you'd be surprised, there are some landscapers who forget where they put their equipment, and they can find it with this GPS unit.

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Jesse Stakes: It didn't surprise me. I live in Florida.

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Randi Glazer: because there's some people who will say, okay, well, this GPS is pinging, and it's hardwired in there, but the thieves know where the hardwired is.

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Jesse Stakes: Right.

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Randi Glazer: They leave it on the ground, they think their equipment's there, but now you have a battery-powered GPS that's hidden on the equipment somewhere, and we can still find it.

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Jesse Stakes: That's fantastic. I had this question come up to me, and I don't understand it for the life of me why somebody would wait, but how long do people have to notify you guys of a potential claim?

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Randi Glazer: So, for either one, PDI or ESC, we want to know right away. Every insurance company wants it right away, but within the first 30 days. So, what that does for us, and for the customer, and for the dealership, wherever it… if it's a claim or whatever repair, is that you get to be told what it is, is it covered? This way, we can walk you through, we can talk to the dealer, and say, hey, we need this information. It's not at the end of the

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Randi Glazer: You tell us as soon as possible. The industry is backwards when it comes to extended service contracts, because it's not regulated. We're trying to put some parameters around there so we're protecting the dealer so they get paid, and the insured so they can get their equipment back.

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Jesse Stakes: No, I think that's fantastic. It's just like anything else. I mean, we talk about doing our homework, like, before you buy something. Hopefully this will give some people, you know, a little bit of a, you know, crib notes, or a little bit of a cheat sheet when it comes to what they should know about this type of insurance.

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Jesse Stakes: Do you guys renew policies when it comes… I know we've talked a lot about new, or we've talked about at the point of purchase, but, you know, as people get through that first 60 months, if they're going to retain something in service, will you guys continue their policies?

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Randi Glazer: Yes, for physical damage insurance, we'll renew it for 12 months. Okay. Annual policy. Extended service contracts are only good for the life of that policy, so they're not renewable. There's not many companies out there who actually write used, ESC equipment, because usually it's by the hours, and 5,000 is, like, that magic number, because parts usually start giving out between that 5,000 and 10,000 hours, so…

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Randi Glazer: You'd be sup…

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Randi Glazer: It is the Wild West. You know, a lot of the companies, the reason why they offer warranties, or they have to offer warranties, is because there's some underwriter underwriting their product's liability that wants to know, well, how good is this product? How long do the parts last? So, we're the ones who say, don't put this bag over your head, and they put the warnings on, or don't eat this thing, you know. That's what… it's usually because there's a loss, and the underwriter said, this is what we're going to do.

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Jesse Stakes: 100%. That's what every piece of paper inside of a… anything that you ever sign, it's been… there is a lawsuit that happened at some point in time that has caused that piece of paper to be required.

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Randi Glazer: That's exactly right.

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Jesse Stakes: Now, I got people who listen to the show all over the United States. Do you guys write in all 50 states?

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Randi Glazer: So, we write in almost all 50 states. We don't write in Alaska and Hawaii, because we don't have claims people there.

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Jesse Stakes: Okay.

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Randi Glazer: We don't have any coverage or people who we sell to in there. Obviously, if a piece of equipment makes its way anywhere in the contiguous 48 states, we're going to cover it, but we go by mailing address where the policy is issued. So, right now, it's not California, Oregon, or Washington, but we're going to look to do that before May of this year. But yeah, we want to make sure that we have boots on the ground, or people within the United States

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Randi Glazer: And Alaska and Hawaii, we don't have people there, so that was the reason for that.

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Jesse Stakes: Very good. And I just want to reiterate, and you can correct me if I'm wrong, you guys will write up to a maximum policy of $500,000 per piece of equipment, correct?

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Randi Glazer: Correct, or policy, that's correct.

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Jesse Stakes: So, if a customer has multiple policies with you, is there any kind of a maximum per customer?

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Randi Glazer: No.

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Jesse Stakes: Okay, so…

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Randi Glazer: Oh.

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Jesse Stakes: Fantastic. And then, another thing that happens a lot in construction, or happens with commercial equipment, they'll have attachments that they have on the equipment.

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Jesse Stakes: Do you guys cover anything that they add to the equipment after the point of purchase?

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Randi Glazer: After the point of purchase, no, but if they have it at the point of purchase, let's say there's an attachment to an excavator or whatever, we will absolutely insure that. If they wanted coverage after the fact, we could do a 12-month policy, because we'd have to… it's not… that particular part's not attached to a lease or a loan. And I would just caution people doing anything aftermarket to see if it avoids the warranty. It's not just about the insurance part, you have to think, am I avoiding the warranty if I add this?

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Jesse Stakes: And nobody thinks about that.

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Jesse Stakes: I think people do, just because it's happened so much in the… even in the auto industry. I mean, it's… you got people who soup up a car, they do something to the engine, and it's like, all of a sudden, they have a… they have an insurance claim, and they say, hold on a second here, you know, you just… you just soup this thing up, and you put 500 horsepower underneath the hood when they're… they're… we insured a car that had 300 horsepower, so…

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Jesse Stakes: Sorry, you're not covered.

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Randi Glazer: You know, they call it the change in the complexion of the risk, because this is what we thought we had, and this is what it has. It's no different than putting solar on your roof, because first of all, the roof probably wasn't even…

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Jesse Stakes: Don't get me started on that one.

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Randi Glazer: And, you know, there are a lot of insurance companies, homeowners, that don't want to insure anyone who has solar on the roof.

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Jesse Stakes: What do you mean?

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Randi Glazer: Don't tell them you're.

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Jesse Stakes: You mean you're gonna… you mean you're gonna drill into your shingles, and you're gonna put something on top of your roof that actually destroys the actual water… the water-repellent shingles that you have, and you're not gonna get covered? What a surprise!

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Randi Glazer: And it's not only that, in the state of Florida, if 25% or more of your roof is damaged, you have to replace the whole thing, and how more… what more opportunity do you have to damage a roof than having, you know, the solar panels on there? And by the way, I was one of the largest insurance underwriters for solar panels out in California, and those things don't last 25 years. You're lucky if you… sorry, sorry if I blew your mind, but if you get 7 or 8 years out of it, you're…

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Randi Glazer: you're good, and here you have a 15-year lease on it, or whatever. It's not a…

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Jesse Stakes: At a minimum.

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Randi Glazer: I know. I only know because I'm seeing the underwriting side, the losses, and all the things that are happening. You know, I'm not the salesperson for it.

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Jesse Stakes: Nope, I understand completely, and I… it drives me crazy, because people are… again, I can't stand it. They drill into their roof, they have silicone caulk, or whatever they put around all of those drill holes, saying that it's gonna be watertight, and then the minute that that… that that wears away.

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Jesse Stakes: you've got leaks into your home. Now you create water damage. It's a… it's a… it's a different podcast at a different time, but I am happy to have the conversation.

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Randi Glazer: One other thing to mention is that, one of my competitors doesn't write out in California for anything with a solar panel on a solar panel on the roof, because you had all these people trying to put it on. You had electricians who really didn't know what they were doing, and they were causing fires

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Randi Glazer: Due to the solar panel, so it's not… what you're saying is true, but there's a lot of other things that happen if they're not properly installed.

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Jesse Stakes: 100%, no doubt.

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Jesse Stakes: One other question I had for you before… before we wrap up, like, minimums, as far as, like, do you guys have a minimum premium? Like, if somebody's… if somebody's interested in their… I mean, I'm sure that everybody does, and everyone… anybody who's bought commercial insurance has had… has had that conversation with the person who's writing their insurance. So, what is your minimums?

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Randi Glazer: So the minimum for physical damage is $500 per year, so a 5-year policy would be $2,500. Okay. For the, for extended service contracts, it's a little higher. It's $2,000 a year or $10,000 for 5 years.

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Jesse Stakes: Fantastic. So, really, I mean, that covers the gamut of anybody who would be shopping for equipment that they would need to have insured. So, I think that's fantastic.

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Jesse Stakes: Randy, I can't thank you enough. I think that you have… you have so much knowledge to give my audience. I've learned so much from you already, so I really appreciate you joining the show again, and it's been fantastic.

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Randi Glazer: My pleasure. And people can reach out to me at StarwindEquipment.com, you can find me on LinkedIn, and they can reach out to you, and you can give them my information, too.

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Jesse Stakes: You didn't even let me ask you, but thank you for sharing. Randy, take care, we'll catch you down the road.

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Randi Glazer: Thank you.