Global insurance brokerage Hub International Limited has launched a new liability/umbrella insurance product designed for transportation clients, to broaden coverage and protect them from potential major losses from nuclear verdicts.
The Hub Drive Excess Liability Shield – to be offered in all states except New York – 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.
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In a statement, Hub said its new product “continues its commitment to providing tailored insurance solutions designed to best manage its clients’ risks and needs.”
“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 to 2011,” Hub said in a Press release. “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. “
“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 for 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.”