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...
Rental Reimbursement insurance provides owner-operators and motor carriers peace of mind knowing that the cost of their rentals is covered when they have an accident that makes their equipment inoperable or puts it in the repair shop.
Accidents happen. When they do, it isn’t uncommon for your trucking equipment to be sidelined for repair. When trucking is your business, renting a tractor or trailer may be your only option to get back on the road. Unfortunately, truck and equipment rental fees can be costly, and eat into your profits if repairs drag on.
Great West has a solution. If you have an accident and are unable to use your equipment, our Rental Reimbursement coverage reimburses you for the cost of renting replacement tractors, trucks, and trailers until your equipment is repaired.
All trucking companies have experienced downtime after an accident. A policy that reimburses you for your rental equipment helps you recover faster. It is a great option for trucking companies and owner-operators who have little or no access to backup equipment.
If you have a single truck or trailer, Rental Reimbursement coverage can keep you working while your truck is in the shop.
Great West offers Rental Reimbursement insurance as an endorsement (or amendment to coverage) to your Physical Damage insurance. The endorsement modifies your Physical Damage policy to cover the cost of renting replacement tractors, trucks, and trailers after you have an accident.
This simple addition to your policy can save your trucking company thousands of dollars in out-of-pocket rental fees.
With Great West’s policy, you can choose which equipment you want to be covered by your endorsement, and you only pay the premium for the equipment you select.
To help guide you on which equipment to insure, it is important to note that if your equipment is not shown in the schedule on the endorsement, or if you own substitute equipment that can be used in place of the damaged equipment, coverage does not apply. Also, if equipment rental costs are lower than your coverage limit, the lesser amount will be paid.
There are many big advantages to adding reimbursement coverage for rentals to your Physical Damage policy.
This 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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