Market Recap: Trucking Excess Liability Insurance

Market Recap: Trucking Excess Liability Insurance

Skyrocketing verdicts and settlements involving commercial auto accidents have contributed greatly to the trucking industry’s hard insurance market over the last several years. In addition, an increase in the frequency and severity of claims, including a rise in fatal accidents as well as road incidents involving major injuries, is driving litigation in the trucking sector and high settlements. According to data analyzed by the National Safety Council, just over 5,000 large trucks were involved in fatal crashes in 2019, a 43% increase from 2010.

The result: A rough road for both insureds and brokers as they navigate the market for Excess Liability insurance. Insurance rates have risen, underwriting has tightened, and capacity has diminished. It’s taking many more carriers, for example, to assemble the Excess Liability tower an insured may require. Some insurers are not writing business in certain states or metro areas.

The good news is that advanced technology such as dash cams and telematics is helping to capture driver performance and improve safety, which can help insureds mitigate accidents and develop a better risk profile to obtain coverage. The other good news is that Northeast National Brokerage, LLC, a Lloyd’s Coverholder and MGA, and an affiliate of ISC, offers a top-tier Trucking Excess Liability insurance program.

“Excess Liability insurance is critical for trucking clients who want to protect themselves from catastrophic and unpredictable incidents,” said Jack Kramer, Founder, and CEO, of Northeast National Brokerage. “Our underwriting acumen and in-depth knowledge of the class we write enable us to offer coverage to insureds.”

Under the Hood of Our Excess Program

Designed for small and mid-sized trucking firms, our Excess Liability program provides A XV rated coverage protection and flexibility. Excess limits up to $2 million are available, with a minimum attachment of $1 million. The policy is an ISO follow-form and includes follow-form Auto Pollution coverage.

Eligible risks include:

  • Fleets up to 50 Heavy/Extra Heavy Vehicles
  • Total Fleet (including PPT, Light, & Medium Units) up to 75 Units
  • No Restriction on Radius of Operations
  • Low-Hazard GL Exposures

The footprint for our Excess Trucking insurance program is nationwide.  Agents and brokers can send submissions to truckingsubmissions@northeastnational.com.