Lexington Launches Truck Broker Liability Coverage

July 15, 2008

Lexington Insurance Company, a unit of AIG Commercial Insurance, introduced Lexington Truck Broker Liability Insurance, a primary liability insurance policy that addresses liability risks of truck brokers, who bring together shippers needing to transport goods and authorized motor carriers.

A recent federal court decision ruled that shippers and brokers failing to use “reasonable means” to perform background checks on motor carriers before they are retained could be liable for accidents caused by the motor carriers. In response to the increased liability risks, Lexington designed Truck Broker Liability Insurance to provide bodily injury and property damage liability coverage to protect the truck broker if the broker is brought into a legal action caused by a truck accident involving a motor carrier.

“Truck Broker Liability responds to an emerging exposure in the transportation industry,” said David Bresnahan, executive vice president, Lexington Insurance Company. “Because it is a unique contingent exposure, we created Truck Broker Liability as a primary product, complementing Lexington’s established auto capabilities and services.”

Lexington Truck Broker Liability Insurance is part of the AIG Transportation Solutions practice, and adds to AIG Commercial Insurance’s suite of insurance products for the transportation industry, ranging from primary and excess auto liability to cargo and vehicle physical damage coverage.

Source: Lexington

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