What is excess limits coverage?

Excess limits coverage provides additional insurance protection beyond the basic limits of a primary liability policy. It's designed to offer extra financial security in case of significant claims that exceed the limits of the standard policy. Excess limits coverage ensures that a business is better protected against large, unexpected expenses arising from major incidents or accidents.

When does a trucking company need excess limits coverage?

A trucking company typically needs excess limits coverage when its potential liability risks exceed the maximum limits of its standard liability policies. This can be due to various reasons like operating in high-risk areas, hauling high-value cargo, or simply seeking additional financial protection.

Is excess limits coverage mandatory or is it an optional addition to standard trucking insurance policies?

Excess limits coverage is an optional addition to standard trucking insurance policies. It is not mandatory by law, but it provides extra protection beyond the primary insurance limits.

Trucking Excess Limits Coverage | Great West Casualty Company

COMMERCIAL EXCESS LIABILITY INSURANCE

FINANCIAL FORTIFICATION FOR YOUR TRUCKING BUSINESS

Great West Casualty Company offers Excess Limits coverage to help our truck insurance policyholders guard against unforeseen catastrophic losses. (You’ll also hear this coverage referred to as a Commercial Excess Liability policy.) This type of trucking insurance provides an extra layer of protection that increases how much your underlying Auto Liability or General Liability policy covers.

Commercial Excess Liability coverage lets you add to the dollar limit of your underlying liability policy up to the amount of additional coverage purchased — with the option of up to $5 million total in coverage. Your underlying liability policy doesn’t change other than its dollar limit, and its terms and conditions still apply.

OWNER-OPERATORS + MOTOR CARRIERS

DO I NEED EXCESS LIMITS COVERAGE?

Protecting your assets is a fundamental part of managing your trucking business. An Excess Limits policy helps you do just that. It is designed to protect trucking companies from large losses that could undermine their financial stability.

Commercial Excess Liability coverage helps both motor carriers and owner-operators mitigate business losses from instances — such as an accident settlement — where a single payout can reach into the millions of dollars. As trucking injury settlements continue to rise, adding a Commercial Excess Liability policy to your trucking company’s risk management strategy can offer you peace of mind.

HIGHER COVERAGE LIMITS

HOW DOES EXCESS LIABILITY INSURANCE WORK?

Trucking Excess Limits insurance is a layer of protection over and above your other liability coverage limits.

Here’s how it works

Like all trucking companies, you are required to carry a minimum of $750,000 in Commercial Auto Liability insurance. When you’re faced with a large legal settlement, medical costs, or any other covered catastrophic expense, your core Auto Liability policy covers those costs up to its $750,000 limit. Once the underlying Auto Liability policy’s coverage limit has been met, your Commercial Excess Liability policy kicks in and pays your settlement cost up to the policy limit you selected.

side of semi truck on empty highway - excess liability insurance

BENEFITS OF A GREAT WEST

TRUCKING EXCESS LIMITS POLICY

For more than 65 years, Great West has been exclusively serving the insurance needs of businesses like yours in the trucking industry. Our only focus is on trucking, so we understand the real risks motor carriers and owner-operators face on the road and while you oversee your operations.

A Great West Commercial Excess Liability provides:

Increased protection for your trucking company, its assets, employees, and customers
A way to meet contract requirements that exceed your primary liability policy coverage limits
Flexible payment options - premium is not fully earned and is subject to pro rata return if you cancel the policy
Pollution coverage which increases from Great West’s Primary Auto and General Liability policies to this coverage
An extra level of security for your vendors, shippers, and clients

A Commercial Excess Liability policy also provides easier claims handling when all of your coverage is with the same carrier. When you choose a policy from Great West, all claims are managed by our experienced in-house adjusters.

Are there specific industries or types of trucking operations that benefit more from Excess Limits coverage?

Yes, certain industries or types of trucking operations benefit more from Excess Limits coverage. This includes businesses involved in hauling high-value cargo, operating in high-risk areas, or those with a higher probability of facing substantial claims. Industries with greater public exposure or those transporting hazardous materials often find Excess Limits coverage particularly beneficial.