Nuts & Bolts: Lexington Insurance Company, a member company of American International Group Inc., introduced Lex TransportPlus, a new product suite encompassing two policies: Motor Truck Cargo and Vehicle Physical Damage insurance. The two policies offer broad, flexible coverage for motor carriers and are available together with a single aggregate deductible and limit, or on a stand-alone basis with a variety of optional enhancements that address key industry exposures, including employee theft.
Motor Truck Cargo insurance covers the legal obligations of both common and contract carriers with revenues. Scheduling of individual vehicles or operators under the cargo policy is not required, and coverage can be tailored for motor carriers hauling virtually any type of commodity. Vehicle Physical Damage insurance is designed to meet the needs of scheduled owned vehicles of most types of over-the-road vehicles, including buses, rescue vehicles, cherry pickers, ready-mix units and dump trucks. A range of available coverage options include specified perils and collision, and coverage can be extended to include temporary transportation rental expenses and temporary replacement vehicle physical damage. Optional additional limits are available for towing, storage and debris removal expenses.
Dollars:
Deductibles and limits vary per risk with no absolute regarding minimums or maximums.
Carrier:
Lexington Insurance, nonadmitted.
States Available:
All states except Delaware.
Contact:
Steve.Silverman, (617) 330-8492 or e-mail lexproperty@aig.com.
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