Lexington Insurance Company, a member company of American International Group Inc., has introduced Lex TransportPlus, a new product suite encompassing two policies – Motor Truck Cargo and Vehicle Physical Damage insurance – combined with additional property coverages needed by motor carriers.
The two policies offer broad, flexible coverage for motor carriers and are available together with a single aggregate deductible and limit or on a standalone basis with a variety of optional enhancements that address key industry exposures, including employee theft.
Today, cargo theft is a $10-to-$15 billion criminal enterprise, with motor carriers experiencing 85% of all cargo theft, according to the National Cargo Security Council, a coalition of public and private transportation organizations.
Motor Truck Cargo insurance covers the legal obligations of both common and contract carriers with revenues. Scheduling of individual vehicles or operators under the cargo policy is not required, and coverage can be tailored for motor carriers hauling virtually any type of commodity. Lexington provides loss control services that can facilitate policyholders’ access to cargo tracking and monitoring technology used to mitigate theft-related losses. Additionally, Lexington has retained security specialists to evaluate and recommend additional precautions to prevent losses.
In addition to employee theft, other optional coverage endorsements within the Motor Truck Cargo policy address contract penalties, expediting expenses, moving equipment, on- and off-board electronics, on-board expendable supplies, contingent cargo and reward expenses for costs leading to the successful return of stolen property.
Vehicle Physical Damage insurance is designed to meet the needs of scheduled owned vehicles of most types of over-the-road vehicles, including school, commuter and tour buses; police, fire and rescue vehicles; cherry pickers; ready-mix units and dump trucks.
A wide range of available coverage options include specified perils and collision, and coverage can be extended to include temporary transportation rental expenses and temporary replacement vehicle physical damage. Optional additional limits are available for towing, storage and debris removal expenses.
Lexington has been underwriting insurance for the transportation industry for nearly 30 years. In addition to Motor Truck Cargo and Vehicle Physical Damage insurance, Lexington and other AIG member companies provide other coverages for this sector, including Building, Personal Property, and Business Interruption insurance, as well as Warehouse Legal Liability insurance.
For more information on Motor Truck Cargo or Vehicle Physical Damage insurance, e-mail LexProperty@aig.com.
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