Having the right insurance coverages is one of the most important considerations of the Owner Operator. The right program design ensure that you have the appropriate coverage to keep you legal, protect your hard earned assets, your health / family without paying more than you need to. Below is a summary of coverage to consider…
Non-Trucking Liability (also known as Bobtail Insurance)
Non-Trucking Liability offers liability coverage for property damage or bodily injury to a third party while you are using your truck for non-business purposes.
1. Non-Trucking Liability offers Bodily Injury (BI) and Property Damage (PD) liability on a Combined Single Limit (CSL) basis at the following limits:
- BI & PD Liability 500,000 CSL
- BI & PD Liability 1,000,000 CSL
2. Medical Payments/Personal Injury Protection Coverage
3. Uninsured/Underinsured Motorist Coverage
Our Truck Physical Damage product offers your clients 24 hour coverage on their tractors, trailers and trucks. This coverage is offered nationwide, so no matter where they travel in the continental United States or Canada, you have the peace of mind that their rigs are covered.
1. Comprehensive Coverage OR
- Caused by the covered auto’s collision with another object or its overturn
3. Deductible Options:
- A choice of deductibles
4. Gap Coverage:
- We pay up to the financial obligation under a loan when the stated amount is equal or greater to that financial obligation
This endorsement is attached to the physical damage policy for an additional premium and provides coverages designed to address the extra needs of an owner operator.
1. Diminishing Deductible
- Now an insured can get credit for NOT having a loss. An insured’s original deductible will decrease by 25% for every loss-free year until the deductible reaches $0. If the insured has a loss during the policy term, the deductible is reset to the original amount after the loss. At the end of (4) consecutive loss-free years, the insured’s deductible is zero!
2. Aggregate Deductible Clause
- If more than one insured truck, tractor or trailer is damaged by the same cause of loss, the policy deductible will be applied only once.
3. Downtime/Rental Reimbursement
- Up to $5,000 worth of coverage subject to a waiting period.
4. Personal Effect Coverage
- Covers personal belongings inside an insured truck up to $5,000, subject to a $250 deductible.
- Excludes Personal Computers
5. Electronic Equipment Coverage
- Covers the electronic equipment inside an insured truck up to $5,000, subject to a $250 deductible.
- Excludes Personal Computers unless permanently attached
6. Tarps, Chains and Binders
- Limit of $500 subject to a deductible of $100.
Occupational Accident Insurance
Our policies offer limits ranging from $500,000 to $1,000,000 with Non-Occupational Coverage included. We also offer Passenger Accident coverages on select plans.
We offer two distinct advantages for truckers. First, the underwriting and issuance is simplified by the ability to bundle occ/acc with other coverages. Secondly, we offer this product for accounts of all sizes, ranging from an individual driver to a large owner operator program.
Riders covering everything from occupational disease to hernia, occupational cumulative trauma and hemorrhoids are available.
Workers’ Compensation (Motor Carriers only)
We can write Worker’s Compensation on a monoline basis as well as to supplement Motor Carrier sponsored Occupational Accident programs. Coverage is not available for businesses domiciled in Alaska or Hawaii and all applicants must meet minimum underwriting eligibility.
Contingent Liability policies are made available to Motor Carriers that sponsor Group Occupational Accident programs for their contracted Owner Operators. The policy provides defense coverage and indemnifies the Motor Carrier when a qualified independent contractor appeals to a court or bureau of Workers’ Compensation to be declared an employee in order to collect Workers’ Compensation benefits. The program is only available to Motor Carriers that concurrently sponsor a current Occupational Accident program and have otherwise met minimum underwriting eligibility.