Our Physical Damage Insurance helps you with the cost of getting your equipment repaired to get you back on the road.
Our Physical Damage Insurance Policy offers various deductibles, self-insured retentions, location-specific catastrophic coverage and other flexible options. Plus, our years of experience in the trucking industry means we have established long-term relationships with reputable repair facilities, towing companies and parts suppliers, which means your equipment will get the attention it deserves no matter where you are.
Flexible Reporting Options
We also offer you the flexibility of two physical damage reporting methods based on the size of your operation.
Equipment Value Method
Your annual premium is based on the actual cash value of your equipment at the time your policy is issued. We can break down your premiums into more manageable monthly payments adjusted according to your equipment’s depreciation schedule and the value of new, substituted or deleted equipment as of your reporting date.
Installment Premiums for Smaller Carriers
If you are a smaller carrier, we also offer installment premium payment plans based on having:
Get the Savings of Our Single Deductible Endorsement
When you have an accident and sustain damage to your tractor, trailer and cargo, you could face as many as three deductibles. Our Single Deductible Endorsement allows you to consolidate those into one deductible, reducing your out-of-pocket costs.
For example, in a typical situation, you could have a deductible of $2,500 on your tractor, a deductible of $2,500 on your trailer and a cargo deductible of $2,500. If you experience a covered loss, instead of paying $7,500 in combined deductibles for your claim, you’d just be responsible for the single highest deductible — in this case, $2,500.
We include this Single Deductible Endorsement is part of our regular package policy at no extra charge to you.
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Our Comprehensive Coverage covers physical damage loss to a truck or its over-the-road equipment from any cause except collision or overturns (subject to policy exclusions and provisions). We offer deductible options as low as $500, giving you a winning combination of security and affordability. And your deductible is waived for any loss caused by fire or lightning.
Our Comprehensive Coverage kicks in for cases where Collision Coverage wouldn’t like:
We understand that when your truck is in the repair shop for an extended period of time, you’re not making money. Downtime Coverage protects you when your commercial truck is not drivable and provides you with $450 per week for a maximum of eight weeks or until the repairs are completed and the vehicle is determined to be roadworthy (whichever occurs first).
The coverage has a 35-day waiting period that begins when three conditions are met:
Note: This coverage doesn’t cover a stolen vehicle, a total loss or constructive total loss, or when reserve or spare trucks are available.
Downtime Coverage is included as part of our Physical Damage Insurance and Non-Trucking Use Physical Damage Insurance at no extra charge to you.
Equipment Coverage protects equipment not typically covered under a Physical Damage Policy.
Most Physical Damage Policies don’t cover electronic equipment unless it’s installed at the factory at the time of assembly.
Tapes, CDs and DVDs are not covered by your Physical Damage Policy, but you can add this coverage with a $200 limit and no deductible for a small premium.
The unfortunate reality of the first half of a five-year lease or loan on a tractor, trailer or truck is that your payoff is actually higher than the actual cash value (ACV). If you have a claim during that time, most insurance policies only pay out the actual cash value of your vehicle, which means you’re left having to make up the difference, which can be a large financial hit.
We created Lease Value & Finance Value Coverage to pay off the difference in the event of a total loss covered by your policy. It pays off the remaining debt when your lease or loan exceeds your tractor, trailer or truck’s actual cash value.
This Coverage Doesn’t Apply To:
When you hire, rent or borrow a truck or commercial vehicle, it isn’t covered under policies for other vehicles you own. You are personally responsible for any physical damage. To protect you, we’ve created Hired Auto Physical Damage Coverage for trucks and tractors you lease, hire, rent or borrow without a driver for less than 30 days. It also covers trailers you lease, hire, rent or borrow.
Highlights of This Coverage:
It’s a good idea to consider adding Comprehensive, Specified Causes of Loss, and Collision Coverage as well.
We have created two unique, money-saving ways to help you to insure your truck fleet by protecting it against physical damage at a specific or single location. It allows you to cap all deductibles that apply at a specific location, with one amount, for a covered Auto, Physical Damage or Cargo loss.
Physical Damage Location Coverage protects you against:
Lower Your Deductible If You Already Have Physical Damage Coverage on Your Fleet
Instead of having to pay a deductible per vehicle if physical damage were to happen at the covered location, we create an aggregate deductible cap that is applied to the event (instead of per vehicle) to create a more manageable cap on your loss.
Here’s an example: 20 parked tractors and 50 parked trailers suffer hail damage of $5,000 each. If your physical damage deductible is $1,000 per unit, your out-of-pocket would have been $70,000. Instead, with the Physical Damage Location Coverage deductible cap, you can limit your deductible to $20,000 per event, thereby capping your loss at a more manageable amount.
How It Helps When You Self-Insure Your Fleet
You can get this coverage for your units while they’re at a specific location, which means you may have a much lower premium compared to insuring your entire fleet full time.
For example, you might be able to sustain the financial loss of a single tractor and trailer, so self-insurance makes sense for your business. But a major event, such as a tornado in your yard, could be financially devastating. Damage to 20 tractors and 50 trailers may total more than $2,000,000. Physical Damage Location Coverage would protect your business from this type of financial shock and only have a 5% per-loss deductible ($100,000 in this example), making your risk more manageable.
Our Rental Reimbursement Coverage helps you with the cost of renting replacement tractors, trucks and trailers when a loss covered under your Physical Damage Policy occurs to your equipment. You receive payments equal to your area’s cost of a short-term rental.
Some Advantages of This Coverage Include:
There are a few exclusions. If the loss to your equipment is not insured by the type of coverage shown in the schedule on this endorsement, or if you own substitute equipment that can be used in place of the damaged equipment, Rental Reimbursement Coverage does not apply. If equipment rental costs are lower than your coverage limit, the lesser amount is paid.
Our Trailer Interchange Coverage is an endorsement that provides Physical Damage Coverage for owned and non-owned trailers, including shipping containers and frames in your care, custody and control. It is available if required by contract or Uniform Intermodal Agreement.
We recommend that the coverage limit you choose equals the value of all the shipping units you have in your possession, including containers and frames waiting for loading in the shipper’s yard and empty containers you are holding to return later. And, under the interchange agreement, the shipping company’s coverage must be equal to yours because your Physical Damage Coverage will not apply while someone else is using your trailer.
Endorsement Coverage Options Include Two Additional Features: