ACE Europe announced the launch of a brand new Commercial Motor Third Party Property Damage Excess product. The company said the coverage is “believed to be unique in the UK insurance market.” It provides stand-alone top-up cover for damage to third party property, over and above the usual commercial motor policy limits. Potential buyers include, “haulage [trucking] & logistics operators and contractors as well as operators of other commercial motor fleets,” said the bulletin.
“Traditionally commercial motor policies limit the claims payment for damage to third party property to £5 million [$9.57 million] and sometimes even as little as £1 million [$1.9146 million],” stated John Line, Excess Casualty Manager at ACE. “Well publicized accidents such as Selby [van caused a train wreck] in 2001, not to mention a spate of fires in road tunnels on the continent, brought home to us the inadequate levels of cover provided by most commercial motor policies,” he continued.
ACE Europe said that by providing additional cover of up to £5 million in excess of the commercial motor policy, “ACE Europe is helping commercial vehicle operators to ensure that they are adequately protected from multi-million pound property damage claims.”
Line noted that “unfortunately the frequency of this size of property loss can only increase as time passes. Is it really worth taking the risk of a big hit when top-up cover is available at a modest premium?”
“Even higher limits may be available when this cover is purchased in conjunction with Excess Employers liability, Public and Products Liability,” the announcement noted.
Was this article valuable?
Here are more articles you may enjoy.