Great West has developed two forms to help you insure specific or single-location physical damage exposures.

If you purchased physical damage coverage on your fleet:

The Cap on Deductible - Physical Damage Location coverage endorsement is available if you need to apply a maximum or aggregate for all deductibles as a result of a single-covered physical damage loss. We offer this coverage endorsement by applying a per loss deductible. For example: 20 parked tractors and 50 parked trailers suffer hail damage of $5,000 per unit. If your physical damage deductible is $1,000 for each, your out-of-pocket would be $70,000. With the deductible cap endorsement, you can limit the deductible to $20,000, thereby capping your loss at a more manageable amount.

If you self-insure physical damage coverage for your fleet:

The Physical Damage - Location coverage endorsement is available to you if you self-insure and do not buy physical damage coverage. It provides you with the physical damage coverage you think you need at a specific location and for a premium much less than the cost of insuring the entire fleet full time. You might be able to handle a loss in the amount of a single tractor and trailer, but a major loss at a location could be devastating financially. For example, you may have up to 20 tractors and 50 trailers at a location at any given time. The values may total well over $2,000,000 at the location, which may be more than you want to expose without insurance. We can offer you this product with a 5% ($100,000) per loss deductible.

The potential for loss covered by these endorsements includes the perils of nature and the perils of man.

Some examples are:

  • Windstorm, hail, or earthquake
  • Flood
  • Fire, lightning, or explosion
  • Theft
  • Mischief or vandalism

Collision is not included in the list as it is usually a two-vehicle loss. Coverage options (from broadest to narrowest) are as follows:

  • Comprehensive, which is loss from any cause except collision; or
  • Specific causes of loss.
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.