Ozop Energy Solutions, Inc. (OZSC or the “Company”) announces the sale of the first Vehicle Service Contract ("VSC") for Electric Vehicles ("EVs") pursuant to the Reinsurance Contract between EV Insurance Company (DBA OZOP Plus) and American Bankers Insurance Company of Florida (“ABIC” or the “Ceding Company”). Royal Administrative Services, Inc. (“Royal”) serves as the administrator for ABIC. The ceding of the battery portion of the premium from ABIC to OZOP Plus marks the Company's initial premium received for the battery coverage within the VSC.
The contract was sold at Beaver Toyota of Cumming ("Beaver Toyota"), an award-winning car dealership in the state of Georgia. The contract was purchased for a 2022 Tesla Model 3, a popular choice among environmentally conscious consumers. Patrick Abad, the General Manager of Beaver Toyota stated “Our dealership has been waiting for a product that gives our customer the peace of mind they are seeking when purchasing an EV. The “Fully Charged” Royal VSC, whereby the EV battery coverage is provided by OZOP Plus and marketed through a partnership with Trusted Sale, Inc. accomplishes just that.
"We are pleased to announce Royal’s first sale of the Vehicle Service Contract for Electric Vehicles, where OZOP Plus receives the premium related to the battery" said Brian Conway, CEO of Ozop Energy Solutions. "This achievement is a testament to our team's efforts in providing the actuarial work needed by both ABIC and Royal to launch a vehicle service contract that includes comprehensive coverage of the battery. We believe the coverage in this VSC is the best in the industry, and now that sales agents have the product in hand, we look forward to immediate additional contracts.”
Stephen Keahon, the Director of Sales and Marketing for OZOP Plus, added, "We have also initiated marketing efforts of the OZOP Plus VSC and I am excited to offer this product to both auto dealerships and EV consumers. Our mission at OZOP Plus is to establish ourselves as the premier provider of EV insurance products as a foundational piece of the growing EV market. "
Paul Brobson, CEO of Trusted Sale Inc. added “Beaver Toyota of Cumming is precisely the kind of progressive dealership to offer this protection to its customers and OZOP Plus is the natural extension for protecting electric vehicles certified under our Trusted Sale CPO Program and we look forward to working with OZOP to continue to establish the highest standard for EV vehicle protection.”