April 23, 2024
Excess or Umbrella Insurance
In the realm of trucking insurance, Excess and Umbrella insurance stand out as two distinct types of coverage. Both are designed to offer liability protection for commercial ventures beyond the limits set in a primary policy. Whether issued by the primary insurer or a self-insurer, these coverages play a pivotal role in safeguarding businesses from substantial losses.
- Coverage Beyond Basic Policies: Both Excess and Umbrella insurance extend the liability limits of the underlying policy, ensuring that businesses are protected against larger claims.
- Filling the Gaps: These insurance types can address known or unknown gaps in basic coverages or self-insured retentions, ensuring comprehensive protection.
- Compliance and Contractual Needs: Often, trucking companies opt for this coverage due to FMCSA regulations, demands from shippers, or simply to provide higher limits for more adequate insurance.
Choosing the right Excess or Umbrella insurance ensures that trucking businesses are shielded from significant risks, offering peace of mind in an industry where substantial claims can arise.
