Covenant Transport Inc., Chattanooga, Tenn., has increased its insurance coverage since last month's filing of the company's Form 10-Q with the Securities and Exchange Commission for the period ending Sept. 30, 2002.
The company has increased its aggregate insurance coverage from $4 million to $20 million for liability, physical damage and cargo claims. The company's aggregate deductibles per occurrence under the new coverage are $1 million on the $4 million of primary coverage and an additional $3 million on the $16 million of umbrella coverage. The revised coverage is expected to increase the company's cost for insurance by about 10%, although the actual results will depend on accident frequency and severity and other factors.
In addition, the company announced that L. D. "Micky" Miller III has joined the company as its executive vice president of sales and marketing. Miller has 28 years of sales and operations experience in the trucking industry. Until last month, he owned and operated two trucking companies. Miller joined the company on Monday.
For further information, contact Joey B. Hogan, senior VP and chief financial officer at (423) 825-3336.
The company has increased its aggregate insurance coverage from $4 million to $20 million for liability, physical damage and cargo claims. The company's aggregate deductibles per occurrence under the new coverage are $1 million on the $4 million of primary coverage and an additional $3 million on the $16 million of umbrella coverage. The revised coverage is expected to increase the company's cost for insurance by about 10%, although the actual results will depend on accident frequency and severity and other factors.
In addition, the company announced that L. D. "Micky" Miller III has joined the company as its executive vice president of sales and marketing. Miller has 28 years of sales and operations experience in the trucking industry. Until last month, he owned and operated two trucking companies. Miller joined the company on Monday.
For further information, contact Joey B. Hogan, senior VP and chief financial officer at (423) 825-3336.
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