Let’s take a look what’s new at Paramount, a Texas-based ISC Company that specializes in the trucking industry. We’ll also look at a couple new developments impacting the industry.
Paramount provides trucking companies in Texas and California that haul imported and exported goods to and from the Mexican border with Liability, Physical Damage, and Cargo insurance for years. The programs are with an A rated carrier.
“Recently, we expanded our wholesale division to write Cargo Liability, Physical Damage, and ancillary lines in all the states in which it is licensed to do business,” says Craig Moss, Vice President, Underwriting.
Excess Liability Available
“We can also place Excess Liability with our sister company NNB,” explains Craig. The Trucking Excess Liability program through NNB is designed for small to large companies and provides “A XV” rated coverage protection and flexibility. A range of 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
High ITV Physical Damage Program to Launch in Q4
Paramount will also be introducing a high ITV Physical Damage program in the fourth quarter for large and extra-large fleets with significant insured-to-value equipment. “For example, if the ITV of an insured’s fleet equipment is $10 million, we can write coverage at a competitive rate,” says Craig.
What’s New in the Trucking Industry
Transportation industry experts predicted a driver shortage for 2022-2023, but it looks as if the shortage won’t continue as the economy improves and more individuals look to benefit from a financially rewarding career. “Expectations are that in 2024 demand for more trucks and drivers on the road will increase based on economic improvements this year.”
The use of telematics in trucks is gaining traction to help drive down claims and litigation costs. “Telematics technology helps demonstrate the details of an accident and can serve to mitigate the large payouts being awarded,” says Craig.
Appointed Brokers Can Obtain a Quote and Bind Coverage Online
If you’re already an appointed agent with Paramount, you can get a quote here. To get appointed, please visit https://www.paramountgeneralagency.com/get-appointed/.