Physical Damage

Physical damage insurance for trucking operations provides protection to your over-the-road equipment. Different deductibles, self-insured retentions, choice coverage, location specific catastrophe coverage, along with other options provide flexibility to your needs. Rental reimbursement, deductible compensation for owner-operators, and coverage for shipping containers are also offered.

We can supply:

  • Coverage for towing costs Caused by a covered loss
  • Downtime coverage payments for a covered loss, or $450 a week for up to eight months, after the waiting interval

The companies we represent have long-term relationships with based repair centers, towing companies, and parts suppliers throughout the U.S. add worth to this physical damage product. Your equipment will receive the attention that it deserves regardless of where it’s repaired. They’re also ready to work with special situations where your own maintenance team is qualified to make the repairs.

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    Learn more about additional physical damage options by reading the sections below.

    Hired Auto Physical Damage

    We offer this physical damage coverage to pay for the bailee exposure an insured may need for autos they borrow or hire. A hired auto is a covered automobile owned by someone other than yourself which is hired or leased to you, since the bailee, for a special purpose on a short-term foundation. When hiring or renting this auto, you’re accountable for any harm to it.

    There are three optional coverages available – comprehensive, specified causes of loss, or collision. Comprehensive is a wider coverage alternative than specified causes of loss. While your fleet might be insured because of specified causes of loss, it is advised that you think about buying comprehensive and collision because your responsibility for damage to hired autos might require broader policy. There are three unique points about this coverage that you need to remember:

    1. One limit of insurance applies to all covered”autos” for the real cash value of
    2. The definition of a covered”trailer” includes containers.
    3. Our policy does not pick up damages for loss of use of a hired auto that may be asserted by the proprietor. That’s a company risk you assume.

    You may buy this coverage for tractors, trucks, or trailers; or even for private passenger-type autos; or both.

    When determining the total limitation of insurance, make sure you appreciate each hired automobile at actual cash value and then total all values to the limitation you need. We ask you to purchase a limitation for the worst case scenario. As this coverage is separate from what you are buying for your leased or owned equipment, you may also pick a different deductible than that which applies to owned units.

    We can trigger this policy once we examine and approve the exposure. We’ll have to know how the hired or borrowed units will be utilized, and particularly for containers and trailers, where they’re saved, and location values so we may price policy properly.

    Physical Damage Location Coverage

    There are two forms that will assist you insure particular or single-location physical damage exposures.

    If you purchased physical damage coverage on your own fleet:

    The Cap on Deductible – Physical Damage Location policy endorsement can be obtained should you need to employ a maximum or aggregate for all deductibles as a result of a single-covered physical damage loss. We provide this policy endorsement by using a per loss deductible. If your physical damage deductible is $1,000 for each, your out-of-pocket would be $70,000. Together with the deductible limit acceptance, you can limit the deductible to $20,000, thereby capping your loss in a more manageable amount.

    If you self-insure physical damage coverage to your fleet:

    The Physical Damage Location policy endorsement is offered to you if you self-insure and do not buy physical damage coverage. It provides you with the physical damage coverage you believe you need at a specific location and for a premium much less than the price of insuring the entire fleet full time. You might have the ability to take care of a loss in the amount of a single tractor and trailer, but a major loss at a location could be devastating financially. For instance, you may have up to 20 tractors and 50 trailers in a location at any given time. The values may total well over $2,000,000 at the location, which might be more than you want to expose with no insurance. We can provide you this product using a 5 percent ($100,000) per loss deductible.

    The potential for loss covered with these endorsements includes the perils of nature and the perils of man.

    Collision is not included in the list since it’s usually a two-vehicle loss. Coverage choices (from widest to narrowest) are as follows:

    • Comprehensive, which can be loss from any cause except a collision; or
    • Specific causes of loss.

    Comprehensive Coverage

    Comprehensive coverage can be obtained for physical damage for your over-the-road equipment. With a deductible of $500 or more, you obtain security with affordability. Here are some of the examples of losses that comprehensive covers, but specified perils coverage or collision do not:

    • Your van is ruined from a hazardous material leak and requires new decking.
    • During unloading, your tanker implodes.
    • Your automobile, tractor, or trailer is ruined by cargo shifting or colliding with the unit.
    • Your food grade tanker is mistakenly filled with liquid fertilizer, so the tanker can no longer be used for food tier hauls, reducing its worth.
    • Acid leaks from a valve and damages your trailer tires and frame.
    • Rodents eat the inside of your truck cab, necessitating replacement of wall and mattress padding.
    • Sulfuric acid in your tractor’s battery spills on a fuel line, causing a leak. The ellagic acid and diesel fuel combine to generate a gas which covers the inside and outside of the tractor with an acid film, resulting in a entire loss.
    • You run off the road and into mud. In attempting to get out of the sand, you inadvertently burn the clutch.

    Furthermore, under comprehensive coverage, your deductible is waived for any loss brought on by lightning or fire.

    Equipment Coverage

    Miscellaneous equipment coverage. Do you have binders, tarps, tie-downs, chains, and other gear used for securing cargo on trailers? If that’s the case, you need different policy when you don’t have the trailer, since this gear is normally insured only for the owner under the trailer bodily injury insurance if the trailer is possessed by the carrier or owner-operator. Great West’s Miscellaneous Equipment coverage is a simple, yet often overlooked, product that provides the miscellaneous gear complete collision and comprehensive coverage that is available in the coverage, subject to a $100 allowance (no matter any tractor deductible).

    Flatbed and specialized gear owner-operators have the best need for this policy, although there may be other situations where this coverage could be applicable (such as carriers with customers’ trailers).

    Electronic equipment coverage. Your physical damage policy does not cover most electronics unless it’s factory installed at the time of assembly. We can provide electronic equipment coverage if you want to extend a covered automobile’s physical damage coverage to include certain electronics items not covered in the policy, for example: PC systems, electronic logging devices (ELDs), fax machines, satellite communication or monitoring systems, video camera monitoring systems, collision prevention systems, mobile phones, two-way cell radios, or scanning track receivers. Equipment has to be installed to be able to be covered. Coverage is subject to a $250 deductible per loss, and no additional policy deductibles apply for this coverage.

    You can get this coverage with a $200 limit and no deductible for a nomimal premium.

    COMMERCIAL TRUCK INSURANCE FOR

    Trucks of All Sizes

    • Auto Haulers
    • Box Trucks
    • Container Haulers
    • Dump Trucks
    • Flatbed Trailers
    • Flatbed Trucks
    • Front Loaders
    • Garbage Trucks
    • Pickup Trucks
    • Semi Trucks
    • Tank Trucks
    • Tractors

    And many more…

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