NSM Insurance Group acquired Condon & Skelly Collectible Vehicle Insurance, effective Dec. 31, 2009.
Founded in 1965, Condon & Skelly Collectible Vehicle Insurance began as a small niche insurance provider, and claims to be one of the original insurance brokers for the antique, classic car, and street rod market.
Today the industry of classic and antique vehicle insurance is a $1 billion dollar industry. And the market continues to grow and change despite tough economic times, says Geof McKernan, CEO of NSM Insurance Group.
McKernan, an owner of a 1967 Lincoln Continental 4-door convertible, says more and more vehicles are becoming part of the collector vehicle market, including street rods, kit cars and even some cars made in the ’70s and early ’80s. He also added that some farm industry vehicles can be considered collector vehicles too.
The specialty niche market offered by Condon & Skelly is a perfect fit for NSM Insurance, McKernan said. “We saw the great brand and want to improve on that,” McKernan said, adding that NSM will also be able to offer enhancements to the current policies and forms. “We also have some new business practices and technology coming down the road.”
The acquisition will enable NSM to offer coverage for:
- Antique and classic vehicles including trucks and motorcycles;
- Collectible special interest and modern classics;
- Vintage fire trucks, farm tractors and military vehicles;
- Street rods, customs and modifieds; and
- Kit cars (including Cobras) and replica vehicles under active restoration also may qualify for coverage.
Coverages offered include:
- Bodily injury and property damage liability coverage;
- Uninsured motorist coverage;
- Underinsured motorist coverage;
- Personal injury protection;
- Collision coverage; and
- Comprehensive coverage.
NSM Insurance Group is a national program administrator with offices in five states across the country and specializes in the development and marketing of industry specific programs. Condon & Skelly will continue to operate in its current location in Maple Shade, N.J. Terms of the acquisition were not disclosed.
Source: NSM Insurance Group, www.nsminc.com
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