Excess Liability: Construction, Trucking, Petroleum
In a previous article, we discussed the need for clients to carry Excess Liability insurance. Social inflation, driven by third-party litigation funding, tort reform rollbacks, and the propensity among the public to sue and its distrust of companies, has prompted large settlements and jury awards. According to Swiss Re analysis, between 2014 and 2021, the number of awards over $5 million in U.S. courts grew by 54%.
This trend is expected to continue. Cases are making their way through the courts after a backlog due to the pandemic. In addition, many more complex and high-severity claims from the past couple of years are still awaiting trial, said Swiss Re.
Insurance Solutions Available
ISC provides brokers with Excess Liability insurance solutions for specific industries to help close the gap arising from today’s multimillion-dollar judgments and settlements.
Construction Excess Liability Program
We provide more than 100 contractor classes with Excess coverage with limits of up to $5 million with an “A” rated carrier. Coverage sits over the General Liability (GL), Employer’s Liability, and Commercial Auto liability policies. You can obtain a quote online for accounts that have their underlying GL coverage through our Standard and Plus programs.
Trucking Excess Liability Program
Our Trucking Excess Liability program is designed for small and midsize companies and provides “A XV” rated coverage protection and flexibility. Excess limits of up to $2 million are available, with a $1 million minimum attachment. The policy is ISO-compliant and includes ISO-compliant Auto Pollution coverage. Our footprint is national. Eligible risks include:
- Fleets up to 50 Heavy/Extra Heavy Vehicles
- Total Fleet (including PPT, Light, and Medium Units) up to 75 Units
- No Restriction on Radius of Operations
- Low-Hazard GL Exposures
Petroleum Distribution Excess Liability Program
We offer “A XV” rated Excess Liability insurance for the petroleum distribution sector with limits of up to $5 million through our in-house underwriting authority with Lloyd’s. In addition, our access to top-tier domestic carriers enables us to build as much additional liability limit as a client requires.
Our appetite includes gasoline, propane, diesel, heating oil, C-stores, marine fuel, aviation fuel, lubricants, bulk plans, crude/water hauling, and haul-for-hire. Coverage is available nationwide.
The Excess Liability policy attaches on a lead excess basis above the primary coverage or in an
excess position attaching over other carriers’ Excess policies. Key coverages include follow-form
provisions for pollution, mis-delivery, and failure to supply. MC-90 Form E and BMC-91X Form E
filings are done in-house as needed.
While the Excess insurance market has experienced rate, capacity, and appetite challenges, ISC
continues to provide brokers with solutions for their clients. Our strong underwriting discipline
enables us to be a strong competitor in this niche well into the future.