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Umbrella insurance
Umbrella Insurance, also known as Excess Liability Insurance, provides an extra layer of protection by extending the coverage limits of your existing liability policies. This insurance kicks in when the limits of your underlying policies, such as Commercial Auto Liability, General Liability, or Employer’s Liability, have been exhausted. For trucking businesses, Umbrella Insurance ensures that you are protected against large and potentially devastating claims.
Why Do You Need Umbrella Insurance for Your Trucking Business?
Here are key reasons to consider Umbrella Insurance:
High Potential for Large Claims
Accidents involving large trucks can result in substantial damages and injuries, leading to expensive claims..
Protection Against Unforeseen Events
Covers a broad range of incidents, providing peace of mind against unexpected large claims.
Compliance with Contractual Requirements
Some clients and contracts may require higher liability limits than your primary policies offer.
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Examples of When Umbrella Insurance is Essential
Major Accident with Multiple Injuries
Scenario: One of your trucks is involved in a multi-vehicle accident resulting in several injuries and extensive property damage. The total claims exceed the limits of your Commercial Auto Liability policy.
Significant Environmental Spill
Scenario: A truck carrying hazardous materials is involved in an accident, leading to a significant spill and environmental damage. Cleanup costs and fines surpass your Pollution Liability limits.
High-Value Property Damage
Scenario: While delivering goods, a driver accidentally damages a high-value commercial property. The repair costs exceed the property damage limits of your General Liability policy.
Large Personal Injury Claim
Scenario: A customer sues your company for a serious injury sustained on your premises, resulting in a large settlement that surpasses your General Liability limits.
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Frequently asked questions
We’ve compiled this list of frequently asked questions to help you better understand the various types of coverage we offer and how they can protect your business. Whether you’re a fleet owner or an owner-operator, our goal is to provide you with the information you need to make informed decisions about your insurance needs. Feel free to contact us if you have any questions left.
What insurance coverage do I need as the truck owner operator?
As the owner operator, you will need physical damage insurance and non-trucking liability as well as occupational accident insurance. The motor carrier should provide primary liability and cargo coverage. Please make sure to check your lease agreement for the coverage required. Sometimes physical damage, non-trucking liability and occupational accident can be provided by the carrier
What is covered under Physical Damage Insurance?
It covers damages of your truck or trailer resulting from an accident and loss from vandalism, theft, fire, wind or hail.
What is covered under Non-Trucking Liability?
It covers expenses associated with injuries to others or damages of their property caused by you when using your truck for non-business purposes.
What insurance coverage do I need for my trucking fleet?
For a trucking fleet, you need comprehensive coverage including Trucking Liability, Cargo Insurance, Physical Damage, Occupational Accident, General Liability, and Umbrella Insurance (optional)
What happens if one of my trucks is involved in a multi-vehicle accident?
If one of your trucks is involved in a multi-vehicle accident, Trucking Auto Liability Insurance will cover bodily injury and property damage claims. If the total claims exceed your policy limits, Umbrella Insurance will provide additional coverage to protect your business from large financial losses.
What if the value of my cargo exceeds the policy limit?
If the value of your cargo exceeds the policy limit, you would need to cover the excess amount out of pocket. Consider discussing higher coverage limits with your insurance provider to ensure your policy meets the needs of your high-value shipments. However, Umbrella Insurance generally does not cover cargo claims, so it’s important to have adequate Cargo Insurance limits.