Global insurance broker Hub International has launched an excess liability insurance designed to give truck carriers broad coverage and protect them from potential major losses from nuclear verdicts.
The Hub Drive Excess Liability Shield will provide broad excess liability/umbrella coverage with limits of up to $5 million or a component of a transportation industry excess tower through Trisura Specialty Insurance Co. The insurance will be offered in all states except New York.
“Excess liability/umbrella insurance is critical for our transportation clients who are looking to protect themselves from catastrophic and unpredictable events,” said Lisa Paul, chief strategy officer of Hub’s transportation specialty practice.
Nuclear verdicts have changed the face of the trucking industry indefinitely. According to the American Transportation Research Institute, there have been nearly 300 nuclear verdicts against trucking fleet in the last five years, compared to just 26 between 2006 and 2011.