When it comes to operating a trucking company, you often don’t know about gaps in your coverage until you file a claim that isn’t covered. Uncovered losses can cost you thousands or even tens of thousands of dollars and can often be avoided.
The best way to understand where gaps in coverage exist is to make sure your agent fully understands your operation and has a complete picture of what services you provide.
Here are just three things that can be overlooked in your insurance policy.
Miscellaneous Equipment Coverage
It is not uncommon for truck drivers to use binders, tarps, tie-downs, chains, and other equipment to secure cargo on their trailers. This equipment is normally covered under the trailer’s Physical Damage policy if the trailer is owned by the carrier or the owner-operator. However, a separate policy is needed when the trailer is not owned.
Great West’s Miscellaneous Equipment coverage, offered by Joe Morten & Son, Inc., is a simple product that provides full comprehensive and collision coverage, subject to a $100 deductible and regardless of any other tractor deductible.
Flatbed and specialized equipment owner-operators have the greatest need for this coverage, although there may be other situations for which where this coverage is applicable, such as carriers using customers’ trailers.
Related Video: Learn More about Choice Coverage® Plus
Electronic Equipment Coverage
Great West’s Physical Damage policy does not cover most electronic equipment unless it is installed by the factory at the time of assembly.
However, this endorsement can be used when insureds want to extend a covered auto’s Physical Damage coverage to include certain electronic equipment items not automatically covered in the policy.
Examples may include computer systems, electronic logging devices (ELDs), satellite communication or tracking systems, video camera monitoring systems, collision prevention systems, cell phones, two-way mobile radios, or scanning monitor receivers.
Coverage is subject to a $250 deductible per loss, and no other policy deductibles apply to this coverage.
Note: Cassette tapes, CDs, and DVDs are not covered by the policy. The coverage can be included with this endorsement.
Towing Expense Coverage
With long miles, long hours, and a long list of regulations, trucking is a tough business. The last thing you need is a breakdown and a hefty towing bill.
Towing charges can run you hundreds of dollars, and not all companies cover towing after a breakdown or accident.
That’s why Great West has bundled all of the coverages truck drivers need into one single, complete package called Choice Coverage® Plus.
This endorsement includes towing services, and much more:
• Rental reimbursement
• Emergency expenses
• Miscellaneous equipment coverage
• Electronic equipment coverage
• Diminishing deductible
Note: These lists are not intended to be all-inclusive.
This material is intended to be a broad overview of the subject matter and is provided for informational purposes only. Great West Casualty Company does not provide legal advice to its insureds or other parties, nor does it advise insureds or other parties on employment-related issues, therefore the subject matter is not intended to serve as legal or employment advice for any issue(s) that may arise in the operations of its insureds or other parties. Legal advice should always be sought from legal counsel. Great West Casualty Company shall have neither liability nor responsibility to any person or entity with respect to any loss, action, or inaction alleged to be caused directly or indirectly as a result of the information contained herein.Reprinted with permission from Great West Casualty Company.