Swift Transportation Co. Inc. announced the settlement of a personal injury action arising out of a motor vehicle accident involving one of its trucks.
The accident occurred during a brief period when Swift was in a dispute with its excess carrier and its policy limits were lower than historical and current levels.
The settlement, which was reached on Feb. 21, exceeds the company's coverage for this limited period by $6.25 million. The company has requested that its insurance broker contribute to the shortfall in coverage in connection with this matter. Any unresolved exposure to Swift will be reflected in its results for the fourth quarter of 2002 as a subsequent event, and will result in an adjustment to its previously announced financial results. However, the company does not believe any ultimate payout in this matter or any other claims that arose in this insurance period will have a material adverse effect on its financial position.
Swift is the holding company for Swift Transportation Co. Inc. a truckload carrier headquartered in Phoenix, Ariz. Swift is among the largest publicly held national truckload carriers in the United States with regional operations throughout the continental United States.
The accident occurred during a brief period when Swift was in a dispute with its excess carrier and its policy limits were lower than historical and current levels.
The settlement, which was reached on Feb. 21, exceeds the company's coverage for this limited period by $6.25 million. The company has requested that its insurance broker contribute to the shortfall in coverage in connection with this matter. Any unresolved exposure to Swift will be reflected in its results for the fourth quarter of 2002 as a subsequent event, and will result in an adjustment to its previously announced financial results. However, the company does not believe any ultimate payout in this matter or any other claims that arose in this insurance period will have a material adverse effect on its financial position.
Swift is the holding company for Swift Transportation Co. Inc. a truckload carrier headquartered in Phoenix, Ariz. Swift is among the largest publicly held national truckload carriers in the United States with regional operations throughout the continental United States.
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