Five Ways to reduce the risk of catastrophic losses
In the transportation industry, motor carriers face a myriad of risks that can lead to catastrophic...
As an owner-operator, you probably know better than anyone how much thought (and money) goes into the equipment you need to run your trucking operation. That makes it all the more important to protect your investment.
From electronics in your cab and sleeper berth to tie-downs and tarps that protect your cargo on a flatbed, equipment replacement costs can really add up after an accident.
That’s why Great West has created owner-operator policies for Miscellaneous Equipment and Electronic Equipment that are not covered by a standard Physical Damage policy.
Great West’s Equipment coverage can help you replace the equipment and electronics you rely on so you can get back on the road.
Do you have binders, tarps, tie-downs, chains, and other equipment you use to secure cargo on non-owned trailers?
This equipment is normally covered under the trailer’s Physical Damage policy when you own the trailer. But, when you use your equipment on a trailer you don’t own, you need to protect your investment with your own policy.
Great West’s Miscellaneous Equipment coverage is a simple — yet often overlooked — policy that provides full comprehensive and collision protection for your equipment. It has a $100 deductible, regardless of any other tractor deductible.
We find owner-operators that use flatbeds or specialized equipment have the greatest need for this coverage, although there may be other situations where it may be appropriate, such as when you’re using a carrier’s or customer’s trailer.
Physical Damage policies do not cover most electronic equipment unless it was factory installed at the time of assembly.
That’s why Great West offers Electronic Equipment coverage when you want to modify your truck’s Physical Damage coverage to include certain electronic equipment items that are not automatically protected by your policy.
The electronic equipment must be permanently installed to be covered. These items can include computer systems, electronic logging devices (ELDs), satellite communication or tracking systems, video camera monitoring systems, collision prevention systems, two-way mobile radios, or scanning monitor receivers, among others.
Electronic Equipment coverage has a straightforward $250 deductible per loss, and no other policy deductibles apply.
Great West offers a bundle of trucking insurance endorsements geared to protect owner-operators. Our Choice Coverage® Plus package includes both Miscellaneous Equipment coverage and Electronic Equipment coverage as well as towing, rental reimbursement, and more.
learn moreThis summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.
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In the transportation industry, motor carriers face a myriad of risks that can lead to catastrophic...
Great West |
This story is part of a series of stories examining the total cost of risk, and the four areas...
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