Chicago-based Hub International Limited has introduced a transportation excess liability/umbrella proprietary product helps clients reduce risks and protect them from potentially large losses.
The Hub Drive Excess Liability Shield is an excess liability/umbrella insurance product designed for transportation clients – from general freight, moving and storage, and last mile to auto/truck dealers, public auto and rail – to broaden coverage and protect them from potential major losses from nuclear verdicts.
Hub Drive Excess Liability Shield will provide broad excess liability/umbrella coverage with limits of up to $5 million or a component of a transportation industry excess tower through Trisura Specialty Insurance Co., an A.M. Best’s A- Excellent rated carrier, and will be offered in all states except New York.
Nuclear verdicts have changed the face of the trucking industry indefinitely, HUB said, noting that the American Transportation Research Institute (ATRI) has found there have been nearly 300 nuclear verdicts against trucking fleet in the last five years, compared to just 26 between 2006 – 2011. The increase has made excess/umbrella insurers more cautious, increasing the demand for transportation carriers to be more proactive in reducing or eliminating the potential for a nuclear verdict.
Source: Hub International
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