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
- Fire, lightning, or explosion
- 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.