HUB’s new Transportation excess liability/umbrella proprietary product helps clients reduce risks and protect them from potential “big” losses
Hub International Limited (HUB), a leading full-service global insurance brokerage, announced the launch of HUB Drive Excess Liability Shield, an exclusive, affordable excess liability/umbrella insurance solution designed for transportation clients – from general freight, moving and storage, and last mile to auto/truck dealers, public auto and rail – to broaden coverage and protect them from potential major losses from nuclear verdicts.
“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. “HUB Drive Excess Liability Shield will help elevate the scope of protection for our clients, and they also benefit from our continued guidance in managing their risk profile to lower costs.”
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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., an A.M. Best’s A- Excellent rated carrier, and will be offered in all states except New York.
Nuclear verdicts have changed the face of the trucking industry indefinitely. According to the American Transportation Research Institute (ATRI), there have been nearly 300 nuclear verdicts against trucking fleet in the last five years, compared to just 26 between 2006 – 2011. The increase has made excess/umbrella insurers more cautious, increasing the demand for transportation carriers to be more proactive in reducing or eliminating the potential for a nuclear verdict.
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With HUB Drive Excess Liability Shield, HUB continues its commitment to providing tailored insurance solutions designed to best manage its clients’ risks and needs.
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