Physical Damage Insurance for Commercial Vehicles
Physical Damage Insurance provides protection for the damage to owned equipment and non-owned equipment that’s in the care, custody, and control of the Insured. This coverage involves collision, comprehensive, and Theft & Combined Additional Coverages (CAC).
Great Coverage - Fast Quotes - All Classes - Hard to Place
TCB Insurance Programs provides the Physical Damage coverage needed for all classes of commercial trucks and all commodity classes (except Coal). We provide large deductible programs and can work with Hard to Place Risks.
Physical Damage Insurance – Additional Information
Physical Damage is typically written on one of 2 types of coverage forms:
- Collision & Comprehensive
- Collision & Fire, Theft & Combined Additional Coverage's (CAC)
Combined Additional Coverage's include:
- Windstorms or hail
- Lightning or explosion
- Flood or rising waters
- Malicious mischief or vandalism
- The stranding, sinking, burning, collision or derailment of any conveyance in or upon which your vehicle is being transported.
- Collision with an animal
No separate coverage for Glass Breakage
Physical Damage Underwriting
The insured value of equipment and rate may be based on one of 2 methods:
The most common is Stated Value: under the stated value approach, the insured provides the equipment values based on the condition and current market pricing.
Cost New: under the cost new approach the value is based on the original cost and an assumed depreciation rate.
There are many different methods of developing the rates for equipment Physical Damage Coverage, but the fundamentals are all the same. Rates are based on:
- Individual & Total Values of Equipment
- General and/or Specific Driver Quality
- Prior Loss Experience