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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.
