Buyer’s Guide
This guide is your standard for finding the right truck insurance agent to do business with. All of the following can be provided by Storrs.
General
A standard additional insured coverage at no additional cost
Manuscript endorsements available to address unique coverage needs
No radius restrictions
Single deductible for physical damage and cargo coverages at no additional charge
Downtime coverage automatically included
No coinsurance provision
A blanket additional insured endorsement to assist in shipping contracts and terminal access agreements
Liability
Coverage for misdelivery of dry, gaseous, or liquid commodities
No exclusion for punitive damages
Pollution coverage included in auto liability coverage form
Defense coverage provided in addition to policy limits
Physical Damage
Automatic coverage for newly acquired vehicles during policy term
Coverage for towing charges in addition to policy limits
Lease value or finance value coverage available for gap between actual cash value and loan value/lease value payoff
Hired auto physical damage (bailee) coverage vs. trailer interchange (no written agreement required, covers all equipment types)
No physical damage restrictions for stainless steel or insulated tankers
Cargo
Automatic coverage for pollution caused by cargo ($10,000 in pollution cleanup)
Coverage includes earned freight charges, alcohol, consumer electronics, owned goods, wet loads, mysterious disappearance, refrigeration breakdown (including driver error), and losses that occur during loading and unloading
No coinsurance penalty, no tarped load or locked vehicle warranties, no exclusion for unattended theft, and no increased deductibles for specific types of losses
Increased limits available for specific shippers or commodities
Cargo expenses incurred to reduce or eliminate loss are not subject to a deductible
Reefer breakdown losses do not have a separate deductible
Willing to do trip leases to provide additional limits by trip or by insured
Workers’ Compensation
Guaranteed cost plans
Retrospective rating plans
Large deductible plans
Single-unit/owner-operator workers’ compensation
Monoline workers’ compensation
Excess workers’ compensation
Installment plans and reporting plans
Choice Plus
Towing for mechanical breakdown
Diminishing deductible
Electronic equipment coverage
Personal property coverage
Miscellaneous equipment coverage
Rental reimbursement
Emergency expenses
Options – Fleet Risks
Flexible payment plans including monthly reporting options based on mileage, units, revenue, or values (for qualifying accounts)
No minimum premium on reporting policy payment plans
Risk sharing programs for qualifying fleet accounts (self-insured retentions and large deductible programs)
Excess and umbrella coverage for greater asset protection
Options – Non Fleet Risks
Installment pay plans, including continuous policies
Direct bill plans with multiple payment methods, including check, EFT, credit/debit cards, etc.
Culture
Experience and knowledge; specialization in truck insurance (exclusively for over 40 years; trucking is all that we do)
Monitoring and updating of trucking industry trends and issues
Representation across the country by professional agents who know the trucking industry
Focus
Active membership, sponsorship, and involvement in state and national trucking associations
Trucking industry advocacy (belongs to several national and state trucking associations)
Stability
Long-term protection of our insureds is an essential value – underwriting discipline is key to achieving this
Adequate assets to ensure ability to stay in business and cover losses
A.M. Best rating of “A+”
Relationships
Focus on, and desire to, “do the right thing”
Integrity and honesty as core values
Easily accessible and caring employees
Desire to cultivate long-term relationships with insureds
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