Fireman’s Fund Insurance Co. has introduced new vehicle replacement coverage for commercial fleets – insuring the full replacement cost of vehicles that are total losses for up to their first three model years. In addition, a hybrid upgrade endorsement is available, enabling business’ fleets to “go green”.
Most commercial auto insurance policies pay “actual cash value” (cost of the vehicle when purchased new minus depreciation) if a commercial auto is damaged beyond repair or stolen. Instead, Fireman’s Fund is offering full replacement coverage including increased cost to replace with a new vehicle. Commercial vehicles will be replaced with the most current make and model available, including similar equipment and options,. even if a brand new model year vehicle costs more that the original cost new of the totaled vehicle. There is no depreciation reduction, but rather the increased cost to replace with a new vehicle is covered, the company said.
In addition, Fireman’s Fund now offers an upgrade to green with a hybrid endorsement. This enables policyholders to upgrade to a hybrid model (or its equivalent) during the first three model-years in the event of a total loss.
Both of these coverage enhancements apply without a deductible. The coverage also includes rental reimbursement coverage up to $3,500 in the event of a total loss.
For more information, visit www.firemansfund.com.
Topics Auto Commercial Lines
Was this article valuable?
Here are more articles you may enjoy.
Texans Hate Data Centers So Much They Are Asking Jesus for Help 
Moody’s: US Faces $375B in Uninsured Flood Losses From 1-in-100-Year Event 
JPMorgan Banker Sues Ex-Colleague Over ‘Fabricated’ Sex Claims 
Comulate Loses Appeal for Injunction Against Applied Systems 
