Excess Liability coverage, or “Umbrella” coverage, depending upon which limits are increased, serves to increase the limits of the underlying policies. Your company may or may not have a particular need or requirement for higher limits, but many times, as a result of FMCSA regulation, contractual requirements, or high asset value, this type coverage is the best answer. We can help you decide if Excess coverage is appropriate in your situation and then work with you to find the best solution.
Umbrella liability insurance for trucking companies, also referred to as excess liability insurance or commercial umbrella insurance, offers extra coverage in the event that your trucking company surpasses insurance limits with a primary policy, or perhaps in the event that increased limits will be required of you.
When you need increased limits for your business insurance policies, excess liability insurance is easily the most affordable way. All policies have a a monetary cap, but in some cases an incident occurs and your insurance policy fails to cover the balance of a claim. As an example, if you have a million dollar liability policy and a claim is settled for one and a half million, you would probably be sued for the remaining amount. For those who have excess liability insurance, it will cover the remainder of the settlement. Just one single lawsuit could cost millions of dollars and could be enough to obliterate your savings.
At Fleet Risk Management, we’ll make it easier to decide exactly how much excess liability insurance you need. Our agents solely deal with the transportation business which makes us distinctively qualified to offer excess liability and umbrella coverage to truckers and motor carriers. Contact us today for more information or fill out our quote request form.