Value the equipment
Stated amount, agreed value and actual cash value are not interchangeable. Review the settlement wording.
Physical Damage
Truck physical damage insurance.
Protect the equipment your business depends on. Review the settlement basis, deductible and recovery costs before a loss.
Talk to our team →
What we look at.
Look beyond the repair
Towing, storage and recovery costs can be significant. Confirm separate limits and restrictions.
Plan for downtime
Physical damage does not automatically replace lost revenue or pay for a substitute truck.
Collision
Covered collision or overturn damage to insured equipment, subject to the deductible and settlement terms.
Comp, Other Than Collision
Selected non-collision causes such as fire, theft and weather. Comprehensive and specified-causes forms differ.
Towing and Storage After a Loss
Check towing, recovery and storage terms, including sublimits, reasonableness requirements and reporting.
Rental Reimbursement and Downtime
Optional substitute-vehicle or downtime benefits. Rental expense and lost revenue are different exposures; confirm what the endorsement covers.
Owned Trailers on the Schedule
Keep owned-trailer schedules and values accurate. Non-owned equipment may require a different form.
Attached Equipment
Identify permanently attached equipment and confirm how its value is included in a settlement.
Newly Acquired Units
Newly acquired equipment provisions have conditions and reporting deadlines. Notify the team promptly rather than assuming an automatic grace period.
What to bring to a review
Bring vehicle schedules, current values, lender requirements and details of attached equipment.
Questions & answers
Good questions to ask.
What is the difference between stated amount and agreed value?
Many stated-amount policies limit a total-loss settlement to the lesser of the stated amount or actual cash value, less the deductible. An agreed-value provision can establish a different basis. A scheduled figure alone is not a promise to pay that amount.
Can I remove coverage when the truck is paid off?
Check lease and other contractual requirements first. Then compare premium, deductible and equipment value with the cash and operational effect of replacing the unit yourself.
Does physical damage pay lost revenue?
Do not assume so. Rental reimbursement, downtime and lost income are different benefits. Review any selected endorsement's trigger, daily allowance, duration and total limit.
From our journal
Related articles.
Let's talk about your insurance.
Tell us about your business and what you need.