Physical Damage Location Coverage

Classic Truck Insurance offers two forms to help you insure specific or single location physical damage exposures.

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.  An example would be 20 tractors and 50 trailers parked and suffering hail damage at $5,000 per unit.  You purchased physical damage deductible of $1,000 each, so your out of pocket would be $70,000.  For a premium based on the maximum exposure for values, you can limit the deductible to $20,000, thereby caping your loss at a more manageable amount.  We impose a cap or maximum on the amount of values at one location, and we insure with a per loss deductible.

You self-insured 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 dmage 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.  An example is a location where you have 20 tractors and 50 trailers maxium for at least 2 days and 3 nights a week.  The rest of the week the values fall off.  A major loss to this fleet would be devastating financially.  You are able to handle a loss in the amount of a single unit, tractor and trailer of $75,000.  The values total $2,000,000 at your main locaiton.  We can offer you this product with a 5% or $100,000 per loss deductible.  

When we quote this for you, you'll need to evaluate the chance and type of loss you would most likely suffer.  

Some Examples are:
  • Windstorm, hail, or earthquake
  • Flood
  • Fire, lightening, or explosion
  • Theft
  • Mischief or vandalism

Collision is not included in the list as it is usually a two-vehicle loss.  Coverage options are as follows:  

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